Philippines Central Bank Delays Exchange Registrations

Blockchain, FinTech, Investing, News, Regulation | July 28, 2017 By:

Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has not approved any applications for companies seeking to register and establish digital currency exchanges. The bank cited the need for more paperwork from applicants in its delay.

In February, BSP started regulating operators of digital currencies to protect consumers and rein in alleged risks like money laundering and terrorism financing. Part of the requirements upon registration to the BSP as a digital currency exchange is the submission of periodic reports to aid the central bank in monitoring the digital currency usage in the country.

Users of bitcoin more than doubled in the Philippines in the first half of 2015 from a year earlier, according to the central bank, while digital currency transactions range from $5 million to $6 million per month for certain major players.

Five months after the issuance of the regulatory guidelines, the central bank’s Supervision and Examination Sector said it received less than 10 applications from entities that were interested to be registered as digital currency exchanges.

“We have reviewed the business models of some of the applicants and are awaiting their submission of additional requirements,” said BSP Sector In Charge for the Supervision and Examination Sector Chuchi Fonacier. “We have not yet issued a certificate of registration for any digital currency exchange.”