Topic: Philippine Central Bank approves licenses for 2 cryptocurrency exchanges? (Read 2029 times)
January 17, 2018, 12:29:23 AM
yes I also hear news like that if crypto curency is legal there, I just do not know about the procedure of work in the bank there is the same as fiat bank or not
January 16, 2018, 11:42:26 PM
I have read from ETH News that the Central Bank approves licenses for two cryptocurrency exchanges. Do you think it is true? They said the implementing rules are still to come out. Is it really true?
How will it affect the Philippine banking system?
How will it affect the Philippine banking system?
ETH News link, https://www.ethnews.com/philippines-central-bank-approves-licenses-for-two-cryptocurrency-exchanges
Earlier the Philippine central bank had released new regulatory guidelines for bitcoin exchanges and now their central bank has given official licenses to two bitcoin exchanges.
Quote
On August 19, 2017, the Philippine Star reported that Bangko Sentral ng Pilipinas (BSP) has granted two cryptocurrency companies licenses to operate bitcoin exchanges. At the FinTech Thought Leadership Roundtable Series presented by FINTQ, Nestor Espenilla Jr., governor of BSP, spoke about the dramatic growth of the digital currency industry and emphasized the importance of oversight.
These are locally based exchanges having international roots.
Local media had confirmed it, http://www.philstar.com/business/2017/08/19/1730418/bsp-approves-registration-2-bitcoin-exchange-operators
This is good for bitcoin adoption.
im really happy about this if this is true.
this just means philippines is embracing crypto to our land.
but im also worried at the same time,sure thing is they will put taxes already.well lets see how far it will go.
Yah...this true according BSP Governor Nestor Espenilla Jr have a 2 cryptocurrency on augost 2017.
January 16, 2018, 09:35:16 PM
I have read from ETH News that the Central Bank approves licenses for two cryptocurrency exchanges. Do you think it is true? They said the implementing rules are still to come out. Is it really true?
How will it affect the Philippine banking system?
How will it affect the Philippine banking system?
ETH News link, https://www.ethnews.com/philippines-central-bank-approves-licenses-for-two-cryptocurrency-exchanges
Earlier the Philippine central bank had released new regulatory guidelines for bitcoin exchanges and now their central bank has given official licenses to two bitcoin exchanges.
Quote
On August 19, 2017, the Philippine Star reported that Bangko Sentral ng Pilipinas (BSP) has granted two cryptocurrency companies licenses to operate bitcoin exchanges. At the FinTech Thought Leadership Roundtable Series presented by FINTQ, Nestor Espenilla Jr., governor of BSP, spoke about the dramatic growth of the digital currency industry and emphasized the importance of oversight.
These are locally based exchanges having international roots.
Local media had confirmed it, http://www.philstar.com/business/2017/08/19/1730418/bsp-approves-registration-2-bitcoin-exchange-operators
This is good for bitcoin adoption.
im really happy about this if this is true.
this just means philippines is embracing crypto to our land.
but im also worried at the same time,sure thing is they will put taxes already.well lets see how far it will go.
January 16, 2018, 08:51:01 PM
Is there any way we can know for certain these two companies mentioned that have been issued a license by the BSP? If this is true, which I think is, It will solidify the adaption of cryptocurrency in the country and would increase the confidence of the people with this new revolutionary financial technology.
August 30, 2017, 02:32:34 PM
I have read from ETH News that the Central Bank approves licenses for two cryptocurrency exchanges. Do you think it is true? They said the implementing rules are still to come out. Is it really true?
How will it affect the Philippine banking system?
How will it affect the Philippine banking system?
News like this should always come with link in other to properly analyse and even verify the source of the information whether its true or not. Or else, its going to be just an hearsay which does not hold water and cannot be relied on. If it shoulder happen, its good news but with choking regulations that might not be the right thing for the crypto world now.
Here it is: https://www.cryptocoinsnews.com/two-bitcoin-exchanges-gain-official-licenses-philippines/
I don't think that the Philippine government will put a tighter regulations on it. Actually they have coins.ph will already complied back then with the Central Bank regarding the KYC and AML regulations. And I'm assuming that they will also apply the same regulations to the two new trading platform as well. I don't know the extent of the effect to Philippine banking system, but this would be really a welcoming news for Filipino bitcoin enthusiast and pretty sure that bitcoin will attract more investors coming from the Philippines.
August 30, 2017, 02:08:49 PM
I have read from ETH News that the Central Bank approves licenses for two cryptocurrency exchanges. Do you think it is true? They said the implementing rules are still to come out. Is it really true?
How will it affect the Philippine banking system?
How will it affect the Philippine banking system?
News like this should always come with link in other to properly analyse and even verify the source of the information whether its true or not. Or else, its going to be just an hearsay which does not hold water and cannot be relied on. If it shoulder happen, its good news but with choking regulations that might not be the right thing for the crypto world now.
August 30, 2017, 01:37:47 PM
If this news is got to be true,then this a great news for filipino people who is using bitcoin. And it will more great if all bank will accept bitcoin.
It seems the volume of bitcoin has increased significantly in th Philippines in these last months so it makes sense that new exchanges appear in order to try to capitalize in this new found interest of the people of the Philippines, so to me this seems like good news since it is always better to have more options to trade your money. August 29, 2017, 02:41:30 PM
Given the massive amounts of overseas remittances which drive the economy, any positive development will have an equally massive revenue shift for these exchanges. Obviously a government-issued license or accreditation will impact their penetration in the financial market and will allow them to compete more aggressively with banks and other forms of remittance providers. For one, they will be seen as accepted and legit by the remitting OFWs which would allow them to market their services in a more streamlined manner.
For example, having a license would allow them to join hands with banks in product sectors which used to be reserved for banks alone. Bitcoin cards, for example. Offering local cards in conjunction with leading Philippine banks will lead to consumers placing greater trust in cryptocurrency. Filipinos will probably find it easier to trust a Coins.ph card issued by Metrobank or BPI than one issued by Wave Crest in Gibraltar. This is because banks have a ubiquitous presence in the country and a physical branch of a bank almost always evokes a sense of trust, knowing there is someone to approach if something goes wrong.
The vast majority of Filipinos are not familiar with bitcoin, especially those in rural areas of the country. To succeed nationally, bitcoin exchanges should be more proactive in educating Filipinos about the advantages of using it. This is a formidable challenge and is almost akin to introducing a new currency.
For example, having a license would allow them to join hands with banks in product sectors which used to be reserved for banks alone. Bitcoin cards, for example. Offering local cards in conjunction with leading Philippine banks will lead to consumers placing greater trust in cryptocurrency. Filipinos will probably find it easier to trust a Coins.ph card issued by Metrobank or BPI than one issued by Wave Crest in Gibraltar. This is because banks have a ubiquitous presence in the country and a physical branch of a bank almost always evokes a sense of trust, knowing there is someone to approach if something goes wrong.
The vast majority of Filipinos are not familiar with bitcoin, especially those in rural areas of the country. To succeed nationally, bitcoin exchanges should be more proactive in educating Filipinos about the advantages of using it. This is a formidable challenge and is almost akin to introducing a new currency.
August 29, 2017, 02:15:19 PM
bought a domain a year ago with the intention to created my own exchange in the philippines, if this is true i might be able to pursue it. maybe a little help from friends will make this dream a reality. or i could just sell the domain for profit.
August 27, 2017, 02:01:39 AM
I have read from ETH News that the Central Bank approves licenses for two cryptocurrency exchanges. Do you think it is true? They said the implementing rules are still to come out. Is it really true?
How will it affect the Philippine banking system?
There will be a good side of this news anyway, another edge too for the bitcoin enthusiast for this matter. But I'm just curious what's the name of the cryptocurrency exchange again? am I just skip it the name on the Ethnews? thanks How will it affect the Philippine banking system?
August 27, 2017, 12:31:57 AM
If this news is got to be true,then this a great news for filipino people who is using bitcoin. And it will more great if all bank will accept bitcoin.
August 26, 2017, 09:18:44 PM
this is a good and bad news. the goood news is cryptocurrencies will be widely accepted and promoted in the phillipines
and the badnews is the government may regulate and input taxes on crypto tradings. sad.
and the badnews is the government may regulate and input taxes on crypto tradings. sad.
Then why don't you opt to trade on international exchanges rather than the localized ones in Philippines after all you can make your withdrawals into your bitcoins wallet and cash them in Philippines with no problem.
August 26, 2017, 12:16:19 AM
bought a domain a year ago with the intention to created my own exchange in the philippines, if this is true i might be able to pursue it. maybe a little help from friends will make this dream a reality. or i could just sell the domain for profit.
Good luck with your own exchanger. I just hope you become successful with it. But I think you will be facing a lot of formidable opponents like Coins and Rebit. If you are going to open your own exchanger, you must have a good promos or some giveaways. Also, you need a massive capital for this.
I think competition will be good. Its gonna be a healthy one. Coins and Rebit will not to really level up the services, otherwise most of their customers will go to the new trading platform.
I'm waiting for those 2 new exchanges and I'm really excited to see how those platform will differ from the current 2 dominant exchanges specially coins.ph. As far as taxes is concern, its the exchanges that will be tax, not the people if I understand it.
If it is true it is good for us to hold more bitcoin but the main reason why they allow it because Rothschild owns the Central Bank and wants to control the Philippine economy by himself.
LOL. Where did you got this shit man? How do Rothschild control the Bangko Sentral ng Pilipinas? If you can show us proof then maybe Pinoy will believe what you have claim to be.
August 25, 2017, 11:44:22 PM
Regulating bitcoin doesn't mean we don't have much freedom than before. It just that our government recognized the fact that criminal-minded person/users will used bitcoin as gateway to be unidentifiable when doing illegal transactions.
I support such moved by this government as long as it is for the safety of the bitcoin users/citezen of that country. And hoping those banks official not doing it for corruption to have under table giveaways from those company and manipulation of that exchange as a whole.
I support such moved by this government as long as it is for the safety of the bitcoin users/citezen of that country. And hoping those banks official not doing it for corruption to have under table giveaways from those company and manipulation of that exchange as a whole.
August 25, 2017, 09:48:40 PM
Regulating bitcoin doesn't mean we don't have much freedom than before. It just that our government recognized the fact that criminal-minded person/users will used bitcoin as gateway to be unidentifiable when doing illegal transactions.
I support such moved by this government as long as it is for the safety of the bitcoin users/citezen of that country. And hoping those banks official not doing it for corruption to have under table giveaways from those company and manipulation of that exchange as a whole.
I support such moved by this government as long as it is for the safety of the bitcoin users/citezen of that country. And hoping those banks official not doing it for corruption to have under table giveaways from those company and manipulation of that exchange as a whole.
August 25, 2017, 08:41:52 PM
If it is true it is good for us to hold more bitcoin but the main reason why they allow it because Rothschild owns the Central Bank and wants to control the Philippine economy by himself.
August 25, 2017, 08:24:46 PM
this is a good and bad news. the goood news is cryptocurrencies will be widely accepted and promoted in the phillipines
and the badnews is the government may regulate and input taxes on crypto tradings. sad.
and the badnews is the government may regulate and input taxes on crypto tradings. sad.
August 25, 2017, 08:10:01 PM
bought a domain a year ago with the intention to created my own exchange in the philippines, if this is true i might be able to pursue it. maybe a little help from friends will make this dream a reality. or i could just sell the domain for profit.
Good luck with your own exchanger. I just hope you become successful with it. But I think you will be facing a lot of formidable opponents like Coins and Rebit. If you are going to open your own exchanger, you must have a good promos or some giveaways. Also, you need a massive capital for this.
August 25, 2017, 08:02:30 PM
I have read from ETH News that the Central Bank approves licenses for two cryptocurrency exchanges. Do you think it is true? They said the implementing rules are still to come out. Is it really true?
How will it affect the Philippine banking system?
How will it affect the Philippine banking system?
This is the best source for this news article I could find:
http://www.philstar.com/business/2017/08/19/1730418/bsp-approves-registration-2-bitcoin-exchange-operators
Quote
BSP approves registration of 2 bitcoin exchange operators
MANILA, Philippines - The Bangko Sentral ng Pilipinas has approved the registration of two companies to engage in the operation of bitcoin exchanges as part of efforts to regulate the fast growing but potentially risky virtual currency industry.
BSP Governor Nestor Espenilla Jr. said during the FinTech Thought Leadership Roundtable Series presented by FINTQ, the central bank has given the two companies the green light to operate bitcoin exchanges.
“They are local based but they have international roots,” Espenilla said.
Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. People could buy and sell bitcoins by tapping dealers or brokers or going to bitcoin exchanges.
Holders could also look for services or goods whose merchants accept bitcoin payments.
Last January, the BSP issued Circular 944 laying down the guidelines for virtual currency exchanges. It is the policy of the central bank to provide an environment that encourages financial innovation while at the same time ensure that the Philippines will not be used for money laundering or terrorist financing activities and that the financial system and financial consumers are adequately protected.
Thus, the regulator recognizes that virtual currency systems have the potential to revolutionize the delivery of financial services, particularly for payments and remittance, in view of their ability to provide faster and more economical transfer of funds, both domestic and international, and may further support financial inclusion.
“We see a rapid increase in the trajectory. It is coming from a small base but increasing that is why we decided to require them to register,” Espenilla said.
The BSP chief said volume has more than doubled to about $6 million per month from only $2 million per month the previous year.
“That is the importance of putting them under the regulatory framework. They have to comply with it. We are moving to regulate them,” he said.
The BSP circular states virtual currency exchanges providing a facility for the conversion or exchange of fiat currency or government-issued currency to virtual currency are considered similar to remittance and transfer companies and should be covered by Republic Act 9160 or the Anti-Money Laundering Act of 2001.
Meanwhile, Espenilla said the BSP is also set to issue an information technology (IT) risk management framework to upgrade its basic framework under Circular 808 issued in 2013.
“It will have enhanced expectations on cybersecurity risk management, that is one. It will further open up the use cases for cloud technology in banking applications, and the third one it if further strengthen the governance responsibilities of the banks boards and management to make sure that the IT systems of their institutions are robust and resilient to cyber crime as well as disasters,” he said.
According to him, banks invested heavily level up their IT management.
“Banks today are less concerned about regulatory requirements for their own risks. Even without regulations, a bank is very vulnerable to cybercrime and can lose money much more than any other penalty,” he said.
MANILA, Philippines - The Bangko Sentral ng Pilipinas has approved the registration of two companies to engage in the operation of bitcoin exchanges as part of efforts to regulate the fast growing but potentially risky virtual currency industry.
BSP Governor Nestor Espenilla Jr. said during the FinTech Thought Leadership Roundtable Series presented by FINTQ, the central bank has given the two companies the green light to operate bitcoin exchanges.
“They are local based but they have international roots,” Espenilla said.
Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. People could buy and sell bitcoins by tapping dealers or brokers or going to bitcoin exchanges.
Holders could also look for services or goods whose merchants accept bitcoin payments.
Last January, the BSP issued Circular 944 laying down the guidelines for virtual currency exchanges. It is the policy of the central bank to provide an environment that encourages financial innovation while at the same time ensure that the Philippines will not be used for money laundering or terrorist financing activities and that the financial system and financial consumers are adequately protected.
Thus, the regulator recognizes that virtual currency systems have the potential to revolutionize the delivery of financial services, particularly for payments and remittance, in view of their ability to provide faster and more economical transfer of funds, both domestic and international, and may further support financial inclusion.
“We see a rapid increase in the trajectory. It is coming from a small base but increasing that is why we decided to require them to register,” Espenilla said.
The BSP chief said volume has more than doubled to about $6 million per month from only $2 million per month the previous year.
“That is the importance of putting them under the regulatory framework. They have to comply with it. We are moving to regulate them,” he said.
The BSP circular states virtual currency exchanges providing a facility for the conversion or exchange of fiat currency or government-issued currency to virtual currency are considered similar to remittance and transfer companies and should be covered by Republic Act 9160 or the Anti-Money Laundering Act of 2001.
Meanwhile, Espenilla said the BSP is also set to issue an information technology (IT) risk management framework to upgrade its basic framework under Circular 808 issued in 2013.
“It will have enhanced expectations on cybersecurity risk management, that is one. It will further open up the use cases for cloud technology in banking applications, and the third one it if further strengthen the governance responsibilities of the banks boards and management to make sure that the IT systems of their institutions are robust and resilient to cyber crime as well as disasters,” he said.
According to him, banks invested heavily level up their IT management.
“Banks today are less concerned about regulatory requirements for their own risks. Even without regulations, a bank is very vulnerable to cybercrime and can lose money much more than any other penalty,” he said.
Looks legit. Excited to see what this can do for the philippines and the crypto industry as a whole.
If russia can follow through on their claims of investing $200M into crypto mining that would be great, too.
Also this part of the article which talks about "international roots" seems to imply both exchanges are run by international (central) banks which would mean they are "regulated" for those who feel safer about working with state based regulation, etc:
Quote
BSP Governor Nestor Espenilla Jr. said during the FinTech Thought Leadership Roundtable Series presented by FINTQ, the central bank has given the two companies the green light to operate bitcoin exchanges.
“They are local based but they have international roots,” Espenilla said.
“They are local based but they have international roots,” Espenilla said.
Therefore, they will really regulate all exchanges and the current one, which is coins.ph, and as far as i understand the article, i think it is just for monitoring the transactions in order to make the philippines safe from money laundering and other illegal activities, I don't see BSP will give taxes to the users but rather to impose tax on income and operation of the exchanges which will surely impose transaction fees ( i think , different from bitcoin transaction fee) as their income.
August 25, 2017, 06:35:45 PM
I have read from ETH News that the Central Bank approves licenses for two cryptocurrency exchanges. Do you think it is true? They said the implementing rules are still to come out. Is it really true?
How will it affect the Philippine banking system?
How will it affect the Philippine banking system?
This is the best source for this news article I could find:
http://www.philstar.com/business/2017/08/19/1730418/bsp-approves-registration-2-bitcoin-exchange-operators
Quote
BSP approves registration of 2 bitcoin exchange operators
MANILA, Philippines - The Bangko Sentral ng Pilipinas has approved the registration of two companies to engage in the operation of bitcoin exchanges as part of efforts to regulate the fast growing but potentially risky virtual currency industry.
BSP Governor Nestor Espenilla Jr. said during the FinTech Thought Leadership Roundtable Series presented by FINTQ, the central bank has given the two companies the green light to operate bitcoin exchanges.
“They are local based but they have international roots,” Espenilla said.
Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. People could buy and sell bitcoins by tapping dealers or brokers or going to bitcoin exchanges.
Holders could also look for services or goods whose merchants accept bitcoin payments.
Last January, the BSP issued Circular 944 laying down the guidelines for virtual currency exchanges. It is the policy of the central bank to provide an environment that encourages financial innovation while at the same time ensure that the Philippines will not be used for money laundering or terrorist financing activities and that the financial system and financial consumers are adequately protected.
Thus, the regulator recognizes that virtual currency systems have the potential to revolutionize the delivery of financial services, particularly for payments and remittance, in view of their ability to provide faster and more economical transfer of funds, both domestic and international, and may further support financial inclusion.
“We see a rapid increase in the trajectory. It is coming from a small base but increasing that is why we decided to require them to register,” Espenilla said.
The BSP chief said volume has more than doubled to about $6 million per month from only $2 million per month the previous year.
“That is the importance of putting them under the regulatory framework. They have to comply with it. We are moving to regulate them,” he said.
The BSP circular states virtual currency exchanges providing a facility for the conversion or exchange of fiat currency or government-issued currency to virtual currency are considered similar to remittance and transfer companies and should be covered by Republic Act 9160 or the Anti-Money Laundering Act of 2001.
Meanwhile, Espenilla said the BSP is also set to issue an information technology (IT) risk management framework to upgrade its basic framework under Circular 808 issued in 2013.
“It will have enhanced expectations on cybersecurity risk management, that is one. It will further open up the use cases for cloud technology in banking applications, and the third one it if further strengthen the governance responsibilities of the banks boards and management to make sure that the IT systems of their institutions are robust and resilient to cyber crime as well as disasters,” he said.
According to him, banks invested heavily level up their IT management.
“Banks today are less concerned about regulatory requirements for their own risks. Even without regulations, a bank is very vulnerable to cybercrime and can lose money much more than any other penalty,” he said.
MANILA, Philippines - The Bangko Sentral ng Pilipinas has approved the registration of two companies to engage in the operation of bitcoin exchanges as part of efforts to regulate the fast growing but potentially risky virtual currency industry.
BSP Governor Nestor Espenilla Jr. said during the FinTech Thought Leadership Roundtable Series presented by FINTQ, the central bank has given the two companies the green light to operate bitcoin exchanges.
“They are local based but they have international roots,” Espenilla said.
Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. People could buy and sell bitcoins by tapping dealers or brokers or going to bitcoin exchanges.
Holders could also look for services or goods whose merchants accept bitcoin payments.
Last January, the BSP issued Circular 944 laying down the guidelines for virtual currency exchanges. It is the policy of the central bank to provide an environment that encourages financial innovation while at the same time ensure that the Philippines will not be used for money laundering or terrorist financing activities and that the financial system and financial consumers are adequately protected.
Thus, the regulator recognizes that virtual currency systems have the potential to revolutionize the delivery of financial services, particularly for payments and remittance, in view of their ability to provide faster and more economical transfer of funds, both domestic and international, and may further support financial inclusion.
“We see a rapid increase in the trajectory. It is coming from a small base but increasing that is why we decided to require them to register,” Espenilla said.
The BSP chief said volume has more than doubled to about $6 million per month from only $2 million per month the previous year.
“That is the importance of putting them under the regulatory framework. They have to comply with it. We are moving to regulate them,” he said.
The BSP circular states virtual currency exchanges providing a facility for the conversion or exchange of fiat currency or government-issued currency to virtual currency are considered similar to remittance and transfer companies and should be covered by Republic Act 9160 or the Anti-Money Laundering Act of 2001.
Meanwhile, Espenilla said the BSP is also set to issue an information technology (IT) risk management framework to upgrade its basic framework under Circular 808 issued in 2013.
“It will have enhanced expectations on cybersecurity risk management, that is one. It will further open up the use cases for cloud technology in banking applications, and the third one it if further strengthen the governance responsibilities of the banks boards and management to make sure that the IT systems of their institutions are robust and resilient to cyber crime as well as disasters,” he said.
According to him, banks invested heavily level up their IT management.
“Banks today are less concerned about regulatory requirements for their own risks. Even without regulations, a bank is very vulnerable to cybercrime and can lose money much more than any other penalty,” he said.
Looks legit. Excited to see what this can do for the philippines and the crypto industry as a whole.
If russia can follow through on their claims of investing $200M into crypto mining that would be great, too.
Also this part of the article which talks about "international roots" seems to imply both exchanges are run by international (central) banks which would mean they are "regulated" for those who feel safer about working with state based regulation, etc:
Quote
BSP Governor Nestor Espenilla Jr. said during the FinTech Thought Leadership Roundtable Series presented by FINTQ, the central bank has given the two companies the green light to operate bitcoin exchanges.
“They are local based but they have international roots,” Espenilla said.
“They are local based but they have international roots,” Espenilla said.
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