The central bank of the Philippines has approved a total of 16 cryptocurrency exchanges, and they are now recognized as legal entities within the country.
16 Crypto Exchanges Approved by Bangko Sentral ng Pilipinas
The total number of regulated cryptocurrency exchanges in the Philippines is now 16, according to information provided by Bangko Sentral ng Pilipinas, the country’s central bank. The bank added that one of the regulated trading platforms has been aiding the government and Unionbank to develop an app that would ease bond purchases.
Over the past few months, the central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), has approved a total of 16 digital asset exchanges. According to the latest issue of “Remittance and transfer companies (RTC) with virtual currency (VC) exchange services,” four cryptocurrency exchanges have been added to the list. They include Iremit Inc., Finchain Technology Inc., Moneybees Forex Corp., and Wibs PHP Inc.
The recent approval of the four cryptocurrency exchanges brings it to a total of 16. The previous 12 approved crypto exchanges are; Bexpress, Bloomsolutions (Bloomx), Aba Global Philippines (Coexstar), Atomtrans Tech, Fyntegrate (dba Philippine Digital Asset Exchange or PDAX), Rebittance (Rebit, Buybitcoin.ph), Betur (dba Coins.ph), Coinville Phils, Etranss Remittance International, Telcoin, VHCEX, and Zybi Tech (dba Juancash). Previously, there were 13 regulated crypto exchanges in the country, but the BSP has delisted Bitan Moneytech as it no longer meets the requirement set in place by the central bank.
The Philippines has been one of the leading cryptocurrency nations in recent times. The Asian country established a formal regulatory framework for cryptocurrency exchanges as far back as February 2017. The framework was contained in Circular No. 944 issued by the BSP back then. Since the regulatory framework was published, cryptocurrency exchanges are required to register with the BSP as remittance and transfer service providers in the country. By registering with the BSP, they will be allowed to provide their services to both retail and institutional customers within the country.
Philippine Government, Unionbank and PDAX Develop a Bond App
The country continues to set the trend in cryptocurrency and blockchain innovation. Last week, the Bureau of the Treasury in the Philippines, the Union Bank of the Philippines (Unionbank), and digital asset exchange PDAX launched a blockchain app that will make it easy for people to buy government bonds. The app, called Bonds.ph, was majorly developed by PDAX. According to the National Treasurer, Rosalia V. De Leon¸, the app will make it easy for the unbanked Filipinos to invest in the government’s new retail Treasury bond. Thus, allowing the government to raise funds that will stimulate economic recovery and strengthen their coronavirus response.
Unionbank is one of the leading banks in the Philippines, and it installed a Bitcoin ATM in early 2019. Its subsidiary, UBX, is a major investor in the PDAX exchange.
Unionbank President and CEO Edwin R. Bautista commented that the app is the first retail Treasury bond issuance to take advantage of the blockchain technology in Asia and probably in the world. “The Philippines is ready to lead the way into the future and to tech up the nation with innovative, inclusive opportunities, powered by emerging technologies, for the benefit of all Filipinos,” he concluded.