Asia is one of the main veins of the crypto industry, so it was great news this week when two brand new Filipino crypto exchanges were approved by the Philippines’ Central Bank. This now brings the number of approved and regulated exchanges across the Philippines to a total of five, which is excellent news for the local industry and adds more competition to the local industry and markets.
The approval and accreditation for these two new Filipino crypto exchanges came on behalf of the Bangko Sentral ng Pilipinas (BSP), which has been greatly received by Filipino crypto users nationwide.
The regulation of Filipino crypto exchanges
A statement was released at the back-end of last week by the bank’s Deputy Governor, Chuchi G. Fonacier, as approval had been granted for two new exchanges – Virtual Currency Philippines Inc. and ETranss. These exchanges will be allowed to carry out the conversion of Philippine pesos (PHP) into crypto and digital currencies.
There was some discussion within the Filipino government in recent weeks on whether or not to allow crypto trading across the nation. The government decided not to take on the seemingly impossible task to crackdown on crypto trading. The BSP has been a constant positive force and frontrunner in regulating and recognizing the advantages of cryptocurrency. This has given the Philippines a massive advantage at a time when crypto is exploding across many parts of the globe.
Sending money home with crypto transactions
In the wake of the news about the approval of these new Filipino crypto exchanges, it is important to point out that the most popular crypto app across the nation, coins.ph, already has a user base of over five million. They have one million users on their Android-based app alone, which has achieved massive popularity for simplifying crypto transactions, and also to make mobile payments and to facilitate unsecured short-term loans. In short, the Philippines is already leading the way in this area and with its openness to regulation, it is a win-win situation.
The Filipino cryptocurrency industry is currently experiencing a boom, because of the practical uses of crypto. It is estimated that 10.2 million Filipinos work abroad and use crypto as a simple and effective way to send money back home to their families. The estimated total amount of money sent home to the Philippines by family members working abroad was USD 7.8 billion in the first quarter of 2018 alone. With these two new Filipino crypto exchanges currently approved for launch, this is great news for crypto users in the Philippines.
It was also reported earlier in July that the Cagayan Economic Zone Authority (CEZA), which is an economic area in the northern parts of the nation, would also accept a further 25 exchanges in the coming weeks and months.
It is great news that the Philippines is positioning itself at the forefront of the cryptocurrency industry in South-East-Asia by regulating the industry and encouraging it to grow. The launch of these two new Filipino crypto exchanges is being eagerly anticipated by the local markets during these exciting times.
Featured image from CryptoDisrupt é