Philippines’ Central Bank Approves 3 Crypto Exchange Platforms, Brings Total To 10

Philippines’ Central Bank Approves 3 Crypto Exchange Platforms, Brings Total To 10

Soon, the Philippines will have as many approved crypto exchange platforms as Japan. The country’s central bank has already granted permits to 10 digital trading platforms, a figure that will inevitably grow in the future.

In other news, one of the biggest banks in the Philippines has installed a Bitcoin ATM in its biggest branch, while the Cagayan Economic Zone Authority has licensed 24 exchange platforms.

10 Cryptocurrency Exchanges

The central bank of the Philippines (BSP) recently approved three more crypto exchanges, bringing the total number to 10. Melchor Plabasan, the head of technology and innovation at BSAO, revealed that the three new additions were Bexpress Inc., Aba Global Philippines Inc., and Coinvillel Phils Inc. the seven companies that had received approvals earlier include Zybi Tech Inc., virtual Currency Philippines Inc., Remittance Inc., Fyntegrate Inc., Bloomsolutions Inc., Betur Inc. dba, and Entrance remittance International Corp.

With 10 approved crypto exchanges, the Philippines is closing in on the world-leader, Japan, which has 19 licensed exchange platforms. The challenge, however, is that a reported 140 companies are awaiting a response from Japanese financial oversight authorities for their crypto exchange licenses.

Major Bank Installs Bitcoin ATM

The Union Bank of the Philippines (UBP) recently installed a Bitcoin ATM following approval from the BSP. The project was launched in partnership with The ATM is located at Ark Makati, one of the bank’s biggest branches. The machine, which only operates when the bank is open, allows account holders with crypto wallets to conveniently convert their Bitcoin into fiat. If the user lacks a UBP bank account, they can open one at the bank.

In March, the BSP issued circular informing banks that crypto ATMs are considered as exchange platforms and must be registered with them. Edwin Bautista, the CEO of UBP, has since outlined their intentions of introducing more ATMs pending approval from the BSP.

Cagayan Economic Zone Authority (Ceza) Issues 24 Licenses

Besides the BSP, crypto exchanges can also acquire licenses from Ceza, a governmental agency that independently issues offshore licenses to such platforms. According to Raul Lambino, the CEO of Ceza, the authority has issued 24 licenses to exchange platforms over the past month.

Although it is easier to obtain, the Ceza offshore license has more restrictions than the BSP license. Apparently, platforms with this license can only serve foreigners even if they are based in the Philippines. Also, the Ceza license only permits crypto-to-crypto transactions.

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