Crypto Progressing in Philippines
In early July, Business World reported that a couple of new cryptocurrency investment exchanges have submitted applications to and been approved by the Bangko Sentral ng Pilipinas (Central Bank of the Philippines).
The exchanges mentioned above are ETranss and Currency Philippines, Inc., said The Deputy Governor of the BSP Chuchi G. Fonacier, these exchanges are accredited as official platforms, giving clients the opportunity to exchange the national currency in virtual currencies.
With the accreditation of these exchanges, there are now five operating exchanges in the Philippines, the others being BloomSolutions, Betur, Inc., and Rebittance, Inc.
The Central Bank of the Philippines has gained a good opinion on digital currencies, recognizing that they have great potential as they make transactions cheaper and faster and that they are no longer discreet and careful with market sentiment and digital criminals.
The Central Bank had already considered that exchanges should be registered as electronic money issuers because of the wallets they own.
Internal consultations do not recommend this requirement to provide a streamlined registry for new investors, Fonacier said:
The Anti-Money Laundering Council reports that they intend to put their eyes on digital transactions as they can make more significant efforts to take any necessary action against dirty money. Companies should report suspicious transactions.
In the first months of the year, they reached the sum of 36 million dollars per month thanks to the transactions of these two registered exchanges. Conversions of national currencies into digital currencies have grown exponentially, according to Business World.
The Philippine government announced that it would allow the operation of 10 blockchain and cryptographic companies in the Cagayan Economic Zone. That is for businesses to be a source of employment for Filipinos.
The authorities of the Economic Zone of Cagayan require companies to invest from 1 million dollars, and apart from this, the license fee with a value of 100,000 dollars.
The Philippine Securities and Exchange Commission said late last year that they even have in mind legalizing cryptocurrencies to classify them as securities. This is because the Central Bank recognizes them as legitimate payment methods.
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