The Philippines seems to be warming up for cryptocurrencies even more than she already is with 37 additional crypto operators being authorized to operate in the jurisdiction.
The country already had 11 operators registered by the “Bangko Sentral ng pilipinas”, which is the country’s central bank. The 11 operators recently sanctioned by the country’s top bank will operate under the ruling of the most recent list of Remittance and Transfer companies with Money exchanging or foreign exchange dealing and virtual currency (VC) exchange service.
Among the licensed exchanges that found favor in the eyes of the jurisdiction’s top bank are Bitan Moneytech Co.Ltd, Aba Global Philippines Inc., Betur Inc., dba Coins ph., Coinville Phils Inc., Bexpress Inc., Zybi Tech., Fyntegrate Inc., Etranss Remittance International Corp, Bloomsolutions Inc., Virtual Currency Phillipines Inc., and Rebittance Inc.
The Philippino central bank has taken a very formal approach to cryptocurrency through the issuance of Circular No. 944 dated February 7, 2017. The circular directs that all BSP registered VC exchanges are required to ensure that adequate safeguards are kept to address the risks associated with virtual currencies such as terrorist financing, money laundering, technology risk, and threats to consumer protection through appropriate controls.
The bank clarified that though it had licensed various exchanges to begin operations in the country, it had not given the green light for the installation of any crypto ATMs or the management of any online platforms for them. The circular makes it clear that those wishing to set up crypto ATM operations must first register with the central bank as VC exchanges, and then seek a separate approval from the country’s Securities and Exchange Commission for the issuance of initial coin offerings and operation of crypto trading platforms.
As earlier mentioned, 37 more exchanges have been licensed by the Cagayan Economic Zone Authority (CEZA), which is a government controlled corporation dedicated to managing and supervising the development of the Cagayan Special Economic Zone and Freeport. The 37 companies were all handed licenses under the country’s Financial Technology Solutions and Offshore Virtual Currency Exchange (OVCE) Business Rules and Regulations of 2018.
The 37 companies are under two different types of licenses. 24 of them are licensed to conduct off shore fintech business and crypto exchange activities, while the other 13 are only to conduct offshore crypto exchange activities.
The 24 principal licensees include; Wangwang Quick pay Foundation, Fafa internet blockchain, Golden millennial quickpay, Ultra precise investment, Liannet technology, Rare earth Asia technologies, Increz Korea, Harseq, 6x Tech, Okcoin Philippines technology, First bullion holdings, Hong Kong Yuen Shing Hong, Formosa financial holdings, Tanzer holdings, Asia premier international, Orient express global, Digifin technologies, Sino-phil economic zone agency development and management, Cr8tiv solutions management, Ipe global, Tiger wheel, Galaxy plus developments, Orient express global, and white ranch.
The 13 companies only allowed to conduct offshore activities include;
Witia, Cezex trading, Unicorn venture investment, Noah Ark technologies, Eplata pacific, A&C Fintech, Zipmex, Ecoflow, Bird mouse, Adax tech, Monetium, Bitpoint Apec investment, and Hxl (HK) technology. This development is definitely indicative of cryptos growth even in countries that are considered to be in the developing world.
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