- Bangko Sentral ng Pilipinas (BSP) had already legalized 12 Bitcoin exchanges bringing the total number to 15.
- Philippines has in recent years become a powerhouse for cryptocurrencies.
According to a local report, the Philippines’ Central Bank has legalized three Bitcoin exchanges. Bangko Sentral ng Pilipinas (BSP) had already legalized 12 Bitcoin exchanges bringing the total number to 15. The Manila Times reports:
“Melchor Plabasan, officer-in-charge at the Technology Risk and Innovation Supervision Department of the central bank, said newly approved were Bexpress Inc., Coinville Phils. Inc., and ABA Global Phils. Inc.”
Philippines has in recent years become a powerhouse for cryptocurrencies. The growth of the digital asset related businesses is linked to the favorable regulatory climate in the country. The growth started after the government gave a go-ahead for Bitcoin to work as a legit form of remittance. The crypto sphere in the Philippines has been maturing rapidly, although the central bank said in February 2017 that it is not endorsing digital assets. A circular issued to that effect read:
The Bangko Sentral does not intend to endorse any VC, such as Bitcoin, as a currency since it is neither issued or guaranteed by a central bank nor backed by any commodity. Rather, the BSP aims to regulate VCs when used for delivery of financial services, particularly, for payments and remittances, which have a material impact on anti-money laundering (AML) and combating the financing of terrorism (CFT), consumer protection and financial stability.
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