TagBSP

Philippines Prepares to Regulate Cryptocurrency Exchanges as Trading Platforms

The head of the Philippines’ Securities and Exchange Commission (SEC) is targeting draft rules for domestic cryptocurrency exchanges within weeks ahead of finalizing regulations later this year. Cryptocurrency exchanges in the Philippines could soon operate as regulated trading platforms as authorities proactively seek to both protect investors and enable an inclusive ecosystem for...

Philippine Central Bank Approves Two New Cryptocurrency Exchanges

The Bangko Sentral ng Pilipinas (BSP) has approved the accreditation of two new virtual currency exchanges, bringing the total number of regulated crypto exchanges in the country to five. In a statement released by Deputy Governor Chuchi G. Fonacier, the BSP announced that it has granted operating approval to Virtual Currency Philippines, Inc. and ETranss to carry out conversion of Philippine...

Philippine Central Bank ‘Reviewing’ 12 Bitcoin Exchange Applications

The Philippine central bank is reportedly reviewing 12 applications for bitcoin exchange registrations. After issuing regulatory guidelines for bitcoin exchanges in February this year, the Bangko Sentral ng Pilipinas (BSP), Philippines’’ central bank, is now evaluating 12 separate applicants vying to register and legally operate cryptocurrency exchanges in the country, Reuters reports. One of the...

Philippines Could Regulate (Legalize) Bitcoin as a Security

Philippines Bitcoin

After issuing regulations for the cryptocurrency industry earlier this year, Philippine authorities are considering further steps to expand the use of digital currencies like bitcoin in the country. In a news conference this week, the country’s Securities and Exchange Commission (SEC) commissioner Emilio Aquino revealed the authority’s intent to consider cryptocurrencies as securities...

Singapore, Bitcoin-Friendly Philippines Aim for Blockchain Cross-Border Payments

Smart Contract

The central banks of the Philippines and Singapore have forged a FinTech agreement that could result in cross-border payments over a blockchain between their markets. Announced yesterday at the sidelines of the Singapore FinTech Festival, the pact is a ‘FinTech Co-operation Agreement’ between the Bangko Sentral ng Pilipinas (BSP) and the Monetary Authority of Singapore (MAS), and aims to...

Two Bitcoin Exchanges Gain Official Licenses in the Philippines

Philippines

The Philippines central bank has reportedly approved the registration of two bitcoin exchanges in the country, months after introducing regulations for cryptocurrency exchanges. According to local publication PhilStar, the Bangko Sentral ng Pilipinas (BSP) has granted approval to two bitcoin exchanges to operate in the country during a rapid increase in the usage of cryptocurrencies. The daily...