The Philippines is currently in close competition with Japan in terms of supporting crypto exchanges.
BSP and CEZA, In charge of Crypto Regulation in the Philippines
The Central Bank of the Philippines BSP recently increased the number of accredited crypto exchanges in the country. BSP approved 11 crypto exchanges, alongside the 37 exchanges approved by the Economic Zone Authority Cagayan (CEZA).
All the listed crypto exchanges will be able to carry out virtual currency exchange transactions immediately. The exchanges that have been issued licenses include Betur Inc., dba Coins.ph, Rebittance Inc., Bloomsolutions Inc., Virtual Currency Philippines Inc., Etranss Remittance International Corp., Fyntegrate Inc., Zybi Tech Inc., Bexpress Inc., Coinville Phils Inc., Aba Global Philippines Inc., and Bitan Moneytech Co. Ltd.
The Bank has also given out a circular number – 944, as a regulatory tool for digital currencies. The bank ordered all exchanges dealing with cryptocurrencies and Peso to ensure they are registered with BSP. In addition to this, the country also classified those exchanges as remittance and transfer companies.
The bank further explained that:
“BSP-registered VC exchanges are now required to put in place adequate safeguards to address the risks associated with VCs such as basic controls on anti-money laundering and terrorist financing, technology risk management and consumer protection.”
Talking about crypto ATMs, BSP revealed that it has not given out licenses to any entity or individual to install them anywhere in the Philippines. In the report, the bank pointed out that anyone interested in operating a cryptocurrency ATM must adhere strictly with the aforementioned circular, registering under it as a VC exchange. BSP added that to carry out crypto trading and ICOs, exchanges may need separate permission from the Securities and Exchange Commission.
In addition to the 11 exchanges approved by BSP, CEZA has also issued licenses to 37 crypto exchanges. CEZA is a firm functioning as a sandbox for blockchain and other innovative tech. It is a government recognized firm. CEO and administrator of CEZA Raul L. Lambino explained:
“Financial Technology Solutions and Offshore Virtual Currency Exchange (OVCE) Business Rules and Regulations of 2018.”