The central bank of the Philippines has apparently endorsed two new virtual money or Cryptocurrency exchanges. It has brought the aggregate number of authorized Cryptocurrency exchanges in the nation to five. In the mean time, crypto transactions have been developing in the nation.
The first exchange was Betur Inc, also known as Coins.ph approved in September 2017. The second one was Rebittance Inc. approved in October 2017. Then in May 2018, Bloom solution was approved as the third crypto exchange operator in the country. Fourth and the fifth one are the Virtual Currency Philippines Inc. and ETranss, which facilitates the conversion of Philippine pesos into virtual currencies.
The central bank has previously proposed that crypto exchanges must secure separate licenses to operate as electronic money issuer. It has been studying whether the exchanges need to sign up as e-money issuer given that they maintain e-wallets for clients. But now internal consultation showed that it may not be advisable, in a bid to keep the registration process simple for the new players. Now according to the new rule, if your business model has a portion making use of e-wallet, then there is an additional requirement but not necessarily or automatically an e-money license.
The Philippines is gradually growing into a crypto-friendly region. The central bank has initiated the digital currency as it has the potential to provide faster and cheaper transactions, but it is also cautious of the potential risks of crypto volatility, criminal involvement, and cyber security on the other hand.