Friday, April 19, 2019

The Philippines Now Has 10 Licensed Cryptocurrency Exchanges So Far

2019 is not yet on its last months but Asian countries seemed to step up their game in the crypto space, real quick.

Another Round of Licensed Crypto Businesses

As reported via Manila Times — a local news site in the Philippines, another set of crypto exchanges companies were recently given a chance to start their crypto businesses in the country.

Bangko Sentral ng Pilipinas (BSP), the country’s central bank, has announced via their officer-in-charge at the Technology Risk and Innovation Supervision Melchor Plabasan, the approval of three additional crypto exchanges including Bexpress Inc., Coinvillel Phils Inc., and Aba Global Philippines Inc.

This now results to a total of 10 licensed-crypto exchanges in the country along with the prior approvals for companies like Betur Inc. dba Coins.ph, Remittance Inc., Bloomsolutions Inc., Virtual Currency Philippines Inc., Etranss Remittance International Corp., Fyntegrate Inc., and Zybi Tech Inc.

Its More Fun In The Philippines

Though Philippines is still far from its neighboring countries when it comes to crypto adoption, the country seemed to take cryptocurrencies in a more serious note within the past years.

In fact, one of the Philippines’ major banks, Unionbank has recently introduced and launched the country’s first Bitcoin ATM. And interestingly, this massive enhancement in the city made a stunning number of additional Filipino crypto users.

“IT IS OUR HOPE THAT THESE SET OF REGULATORY INNOVATIONS WILL TAKE THE DIGITAL ASSET SECTOR ONE STEP CLOSER TO ADOPTION AND ACCEPTANCE BY INSTITUTIONS AND THE TRADITIONAL FINANCIAL SYSTEM,” says Unionbank in press release.

Aside from this, another Philippine remittance center Western Union, also had their partnership with a blockchain startup, Coins.ph. Promoting a safer and more efficient mode of transferring money in the country.

“WITH THIS COLLABORATION WITH COINS.PH, WE ARE DELIGHTED TO OFFER CUSTOMERS IN THE PHILIPPINES WITH AN UNMATCHED DEPTH OF SERVICES AND CAPABILITIES, AND CONVENIENCE RIGHT AT THEIR FINGERTIPS.”

Just Like Others

Just like the norms in banks when it comes to licensing crypto businesses, BSP also holds a strong requirements for startup crypto exchanges in the country.

Alternative Licensure

However, if you failed to avail these licenses to operate, the government also offers their offshore licensing group called Cagayan Economic Zone Authority (Ceza). But, this comes with a price.

As explained, CEZA can formally grant crypto licenses for companies. As a matter of fact, according to Ceza CEO Raul Lambino, “24 principal licenses and six regular licenses for cryptocurrency exchanges” have been issued, “as well as four licenses for 15 companies involved in financial technology solutions.”

So what’s the difference? Unfortunately, the easier way only targets a smaller set of users. Ceza licensed companies can “run the business in the Philippines but must only service users from outside the country.”

With this, I suggest to take the BSP process.

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