Philippines’ Central Bank Approves Two New Crypto Exchanges
The central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), has approved applications filed by two new cryptocurrency exchanges.
Deputy Governor Chuchi G. Fonacier told reporters:
The regulator has approved applications filed by Virtual Currency Philippines Inc. and ETranss as platforms to convert pesos into virtual currencies (VC) like bitcoin and Ethereum.
Crypto transactions have been on the rise in the country. The country now has five approved crypto exchanges. The two exchanges join Betur Inc., the operator of Coins.ph, and Rebittance Inc., approved in September and October 2017, respectively, and BloomSolutions, approved in May 2018.
As to the newly-approved crypto exchanges, the central bank mandates that they possess a minimum capital of P100 mln (around $1,878 mln at the time of writing). And also the Anti-Money Laundering Council will begin observing cryptocurrency transactions closely in an attempt to crack down on black money. Companies will be obliged to report any transactions raising suspicion as well as covered transactions.
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