Philippines Central Bank Accredits Two New Cryptocurrency Exchanges

by 99Crypto

In the Philippines, two new cryptocurrency applications were approved on July 6, 2018. These exchanges are ETranss and Virtual Currency Philippines Inc. According to the deputy governor of Bangko Sentral ng Philipins (BSP), these two new platforms have been endorsed to transform the country’s regular pesos into virtual cash. These two exchanges are not the first to have this accreditation. The others include Betur, Rebittance and BloomSolutions. The central bank of the Philippines shows caution in regards to the risks associated with crypto currency. These include volatility, cyber security and criminal involvement. However, the bank also recognizes that digital currencies can provide cheaper and faster transactions. BSP also debated whether they should record the new cryptocurrencies as e-money issuers because of their wallet services. In the end, internal consultations counseled against this because they wanted to streamline the procedure for new companies on the market. Chuchi G. Fonacier, the deputy governor of the BSP, stated that they’re overhauling guidelines. If a commercial business has the capability of e-wallet functions, that’s considered an extra condition. It doesn’t automatically translate to an e-money license. To keep ahead of dirty money transactions, the country’s anti money laundering council will carefully monitor digital currency dealings. Businesses will have to report any suspicious transactions in addition to covered ones. The Philippine government also allowed 10 crypto and blockchain enterprises to conduct their business in the economic zone of Cagayan. Its authority will require the newest cryptocurrency exchanges to pay license fees of up to $100,000. Additionally, they’re asked to invest significantly over two years. Transformations to digital currencies have developed significantly. Amounts totaled approximately $36 million per month, just from the two newly registered exchanges alone. Additionally, Bitcoin has been recognized as a genuine payment method since the beginning of 2018.