The country’s emerging crypto industry has recently added four crypto exchanges to the list of companies approved by the central bank
The Bangko Sentral ng Pilipinas (BSP), known as the Central Bank of the Philippines, has approved a total of 16 providers of crypto exchanges.
The Bank’s list of approved companies, entitled „Remittance and transfer companies (RTC) with virtual currency (VC) exchange services“, includes four crypto exchanges that have recently been approved. These include Iremit Inc, Wibs PHP Inc, Moneybees Forex Corp, Finchain Technology Inc and Forex Corp.
These four companies join the 12 existing crypto companies approved by BSP. These are Aba Global Philippines (Coexstar), Atomtrans Tech, Betur (dba Coins.ph), Bexpress, Bloomsolutions (Bloomx), Coinville Phils, Etranss Remittance International, Fyntegrate (dba Philippine Digital Asset Exchange or PDAX), Rebittance (Rebit, Buybitcoin.ph), Telcoin, VHCEX and Zybi Tech (dba Juancash).
The BSP follows a formal regulatory framework for crypto exchanges called Guidelines for Virtual Currency (VC) Exchanges, which was published in June 2017.
The document contains 10 sections covering areas such as registration requirements, anti-money laundering measures and the powers and responsibilities of digital asset exchanges, including capital preservation requirements.
„The Digital Asset Exchange shall maintain the unencumbered paid-up capital of one hundred million pesos (Php100,000,000.00 [~$1,912,450]) at all times … in a form and amount the Commission deems sufficient to ensure the financial integrity of the Digital Asset Exchange and its operations,“ the document states.
The Philippines has generally had a positive attitude to cryptocurrencies, which is why the growth of crypto exchanges has continued under supervision. However, several warnings have been issued regarding the high problems associated with trading, investing or dealing in digital currencies. The Philippine Securities and Exchange Commission (SEC) has specifically warned investors about unregistered crypto-companies and the possibility of being lured into fraud.
Southeast Asia generally has a positive attitude toward cryptocurrencies, with many trying to make the technology available for research and development.
Thailand is working on the creation of its own Central Bank Digital Currency (CBDC), which has recently entered the third phase of development. Vietnam, on the other hand, has initially banned cryptocurrencies in 2018, but has recently opened up after announcing that it has set up a research group to look at integrating cryptocurrencies within the country.
Cambodia is also working on the development of a state cryptocurrencies following the announcements on the digital yuan in China.