[Central Bank of the Philippines] Virtual Currency Exchanges with BSP License

Kemarit

legendary

Activity: 3080

Merit: 1353

Quote from: dothebeats on June 24, 2019, 09:07:57 PM

They have released this for a while back and only a handful of new exchanges have been accepted by the BSP ever since. I'm actually quite amused on how the Philippines do such things with regards to cryptocurrency acceptance. They ensure that the citizens wouldn't get lured into scams, get the trusted once approved on their books and build the crypto community into a safe scene wherein everyone can get their interests freely without fear of getting scammed in the end. Well for the record, Betur Inc. has been operating since 2014, even before cryptocurrency became mainstream and the government never really issued any warnings whatsoever on the operation of the said company.

The Philippine government is very tough and firm on their stance on crypto. That's why you will them issue warning to their population against the lure of scammers lurking around. I'm sure they don't want this to happen again, Filipino couple amasses at least P900M in alleged Bitcoin scam. There's only the 'beloved' coins.ph who is fully compliant to AML by having a full KYC. So I guess the current administration is doing a very good job by being lenient but at the same time very tough on those scammers.

target

legendary

Activity: 2282

Merit: 1041

Good to know my country already prepared for the changes for the future. I don't see many stores accepting BTC actually, its not very visible when you are outside even in Makati City where the Bitcoin ATM is located. Adoption seem too far in out country but they are approving a lot of these?

I don't see reason to have several exchanges except if its going to be used for laundering, corrupt individuals in the country are always up to find holes to make business.
Did you guys know we have Anti-Money Laundering Council in the Philippines but there ain't no one that we've heard being caught despite the thousands of drug lords here?

CryptoBry

sr. member

Activity: 1008

Merit: 355

Quote from: dothebeats on June 24, 2019, 09:07:57 PM

They have released this for a while back and only a handful of new exchanges have been accepted by the BSP ever since. I'm actually quite amused on how the Philippines do such things with regards to cryptocurrency acceptance. They ensure that the citizens wouldn't get lured into scams, get the trusted once approved on their books and build the crypto community into a safe scene wherein everyone can get their interests freely without fear of getting scammed in the end. Well for the record, Betur Inc. has been operating since 2014, even before cryptocurrency became mainstream and the government never really issued any warnings whatsoever on the operation of the said company.

The government of the Philippines via the Bangko Sentral ng Pilipinas (BSP) and the SEC have had been doing their contributions to make sure that there is a great balance in embracing new technologies but at the same time addressing concerns like money laundering and financing terrorism as well as the use of cryptocurrency in the drug trade which recently surfaced. So far, all players especially Coins.ph are all following the rules and procedures strictly implemented by the governmental agencies. I think the same can be done in other countries where there should be cooperation, openness and strict compliance no matter what.

I am seeing a great future for cryptocurrency in the Philippines and hoped that the country can be one of the big pillars in Asia for the industry. We are looking forward the coming of a Philippine-based trading and exchange platform that can carry the name of the country in the world of cryptocurrency...so far the platform introduced by Coins.ph has still to make a good traction.

dothebeats

legendary

Activity: 3542

Merit: 1352

They have released this for a while back and only a handful of new exchanges have been accepted by the BSP ever since. I'm actually quite amused on how the Philippines do such things with regards to cryptocurrency acceptance. They ensure that the citizens wouldn't get lured into scams, get the trusted once approved on their books and build the crypto community into a safe scene wherein everyone can get their interests freely without fear of getting scammed in the end. Well for the record, Betur Inc. has been operating since 2014, even before cryptocurrency became mainstream and the government never really issued any warnings whatsoever on the operation of the said company.

AjithBtc

sr. member

Activity: 1666

Merit: 276

Quote from: coinholic on June 24, 2019, 06:41:06 PM

This only shows that Cryptocurrency is now being accepted bit by bit on a global scale. If a 3rd world country like the Philippines has openly embraced cryptocurrencies as an opportunity for economic change, what more for the more powerful ones? Surely they are more advanced in technology and should understand how crypto works and what would be its benefits. But of course, it is not that simple considering there are still some legalities at hand. Bottomline, digital or virtual currency is making a mark in our global monetary system which if used accordingly will surely bring about great changes for this world.

Philippines in terms of technology adoption stands high as common people too show interest on using cryptocurrencies knowing its underlying technology and the good that they can get out of it. I believe there will be more operations in first world countries taking place in terms of institutional adoption and in small scale, but informations won't be revealed as everything happens indirectly or in a hidden way.

coinholic

full member

Activity: 518

Merit: 101

This only shows that Cryptocurrency is now being accepted bit by bit on a global scale. If a 3rd world country like the Philippines has openly embraced cryptocurrencies as an opportunity for economic change, what more for the more powerful ones? Surely they are more advanced in technology and should understand how crypto works and what would be its benefits. But of course, it is not that simple considering there are still some legalities at hand. Bottomline, digital or virtual currency is making a mark in our global monetary system which if used accordingly will surely bring about great changes for this world.

maxreish

sr. member

Activity: 1358

Merit: 326

Updated VIRTUAL CURRENCY EXCHANGES in the Philippines.

Last April-2019, there were 10 VCEs approved in our country. As of June 2019, one VCE added to the list.

Here's the 11 Legal VCEs in the Philippines:

Click the image for the source

If you want to view the full image with full information, download it here as pdf.

I will leave link here for you to read the full article and to spot the differences of each approved Virtual Currency Exchanges and their offered services. BSP conducted some qualifications before approving one VCE and that is why it is very significant to know these companies before doing some transactions with them.

Topic: [Central Bank of the Philippines] Virtual Currency Exchanges with BSP License (Read 258 times)