The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has approved the registration of two companies to operate virtual currency exchanges (VCE).
According to Melchor Plabasan, officer-in-charge of the Technology Risk and Innovation Supervision Department at the BSP,
The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, said that it will continue to address the risks brought about by the growing use of cryptocurrencies in the country.
BSP Governor Benjamin Diokno said in a statement that he is not fully convinced about the use of cryptocurrencies in the country since they could be used to fund terrorism.
Union Bank of the Philippines, one of the largest commercial banks in the country, has launched the country’s first two-way cryptocurrency ATM.
The crypto ATM, which is part of the Bangko Sentral ng Pilipinas’ regulatory sandbox, will allow clients to purchase and sell cryptocurrencies for cash.
The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has formed a new blockchain and FinTech unit to monitor and regulate registered financial institutions that offer electronic products and services.
In an event focused on the country’s payments and settlements system,
The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has approved the registration of two new crypto exchnages.
In an interview with local reporters, BSP Deputy Governor Chuchi Fonacier said that ETranss and Virtual Currency Philippines have been given the green light to operate crypto exchanges in the country.
The Philippines Securities and Exchange Commission (SEC) is looking to come up with regulations and guidelines on initial coin offerings (ICO) and cryptocurrency exchanges.
SEC Commissioner Emilio Aquino said the commission had no rules governing ICOs but it could apply other jurisdictions that consider them as securities.
