The Bangko Sentral ng Pilipinas (BSP), the Central bank of the Philippines, is receiving applications from companies that wish to expand the cryptocurrency scene in the country and start cryptocurrency exchanges.
A cryptocurrency exchange is basically a business that changes cryptocurrency to fiat currency and vice versa.
Chuchi Fonacier, Deputy Governor of the BSP, said:
“There are 29 pending applications under different stages of processing.”
This means that if they are all approved, the country will have 29 new crypto exchanges in operation! This will not attract more Filipinos into the crypto realm, but it will create a demand for crypto-related jobs in the country, which in turn will encourage Filipinos to develop the skills needed to qualify for the jobs.
The approval of these exchanges will have a huge impact on the Philippine crypto space.
BSP Circular 944
As we mentioned in our BSP article as part of our Philippines and Cryptocurrency series, the BSP released circular 944 last year discussing its guidelines for the handling of virtual currencies.
In the circular, the BSP stated that it will allow a virtual currency exchange to operate in the country as long as it registers with the BSP and pays the registration and annual fees. The exchanges also have to be compliant with some reporting requirements.
Two Exchanges in the PH
There are currently two cryptocurrency exchanges that have already been approved by the BSP. Betur Inc. was approved in September 2017 while Rebittance Inc. was approved in October 2017.
Commenting on this, Fonacier said:
“There have been no newly registered virtual currency exchanges as applicants are still completing the documentary requirements.”