Crypto Exchanges Coming to the Philippines in Droves
By Kumfie Manalo
On Monday, the Bango Sentral ng Pilipinas (BSP), the country’s central bank, confirmed that there are currently 29 companies that have submitted digital currency exchange applications to try to get a foothold at the local cryptocurrency market.
BSP Deputy Governor Chuchi Fonacier stated:
“There are 29 pending applications under different stages of processing, i.e., ongoing evaluation, awaiting submission of documentary requirements, and for presentation of business model.”
Currently, only Betur Inc. and Rebittance Inc. have been granted licenses by the BSP to operate a virtual currency exchange in the Philippines.
Photo courtesy of Christian Ditaputratama.