Huge Rise in Cryptocurrency Exchange Applications in Philippines

The regulations and clampdowns on cryptocurrencies has been happening worldwide in the wake of online thefts, money laundering and another set of problems. However, when it comes to cryptocurrency use, people don’t seem skeptical at all of buying cryptocurrencies even after several warnings.

Now in Philippines, a senior official of the Bangko Sentral ng Pilipinas (BSP) has confirmed that since the last couple of months, there has been an outpouring number of businesses that have been desperately applying in order to operate cryptocurrency exchanges in the Philippines.

Cryptocurrencies have faced adverse situations ever since the year started. The central banks of several countries, the governments have taken stringent measures to regulate or curb the use of cryptocurrencies as much as possible. Because of this, the price of cryptocurrencies, specially the one of Bitcoin has fallen down to almost 1/3rd of its once highest value.

In fact in Philippines, the BSP has already taken steps to regulate cryptocurrency-related businesses. This is done to protect people who invest in the virtual currency businesses. The central bank issued Circular 944 in February 2017, having the aim to cut down the increased number of criminal activities like money laundering and terrorism funding. Now the virtual currencies would have to comply with the central bank guidelines issued to them.

Rebittance Inc. and Betur Inc. are the only two cryptocurrency exchanges in Philippines which are accredited to operate in the country. These two exchanges have earned an average of $8 million per month in the past months, which shows the ardent interest of people in cryptocurrencies despite the implementation of several regulations.

That being mentioned, the BSP has decided to eliminate all businesses that do not comply with the set regulations. Interested companies will first have to register with the central bank and the Anti-Money Laundering Council, and even after they start, would have to submit periodic reports on their operations and finances.

The idea to open cryptocurrency exchanges in the Philippines can be considered a good idea since other cryptocurrency exchanges in the country also have been doing fairly good. Central bank authorities said they are still waiting for more documentation from the applicants before they can make any approvals.

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