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Philippines gets a breath of fresh ‘crypto-air’ as 48 cryptocurrency exchanges get approval

By: Biraajmaan Tamuly

While the popularity of cryptocurrencies has surged over the past few years, the uncertainty and FUD around it is still a hurdle to it being accepted as a more convenient form of currency and store of value. While virtual assets have established fairly strong grounds in the United States and in parts of Europe, the scenario in Asia is still very much under debate.

According to recent reports, the situation might be subject to change after Philippines reportedly approved the licenses of 48 cryptocurrency exchanges. The Bangko Sentral ng Pilipinas [BSP] has registered 11 new cryptocurrency exchanges which would legalize their functionality in the country, while 37 other virtual asset exchange operators have been licensed by the government-backed Cagayan Economic Zone Authority.

According to the recent list of Remittance and Transfer Companies with Money Changing or Foreign Exchange, the 11 exchanges whose licenses were approved were Betur Inc. dba, Rebittance Inc., Bloomsolutions Inc., Virtual Currency Philippines Inc., Etranss Remittance International Corp., Fyntegrate Inc., Zybi Tech Inc., Bexpress Inc., Coinville Phils Inc., Aba Global Philippines Inc., and Bitan Moneytech Co. Ltd.

The bank further stated,

“BSP-registered VC exchanges are now required to put in place adequate safeguards to address the risks associated with VCs such as basic controls on anti-money laundering and terrorist financing, technology risk management and consumer protection.”

The late Nestor A. Espenilla Jr., former Governor of BSP, had previously expressed his views on BSP being able to bring forth change to the financial services, payments and remittances sector in the country. Growing adoption in the country has been encouraged with the objective of encouraging financial prosperity for the growing virtual asset industry.

However, earlier this year, the present Governor of BSP, Benjamin Diokno, had warned about the consequences of growing virtual asset usage in the country, stating that the financial institution will continue to keep an eye over the technology.

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