Philippines Approves 3 More Crypto Exchanges Amid Soaring Bitcoin Prices

Philippines Approves 3 More Crypto Exchanges Amid Soaring Bitcoin Prices

by April 9, 2019
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Bangko Sentral ng Pilipinas has green-lit another 3 cryptocurrency exchanges to operate in the Philippines. The new licensed firms include Bexpress Inc,  Coinville Phils Inc. and Aba Global Philippines Inc.

This brings the total number of licensed cryptocurrency exchange in Philippines to 10. Similar to previous cryptocurrency exchange licenses that BSP has granted it only permits for the exchanges to use cryptocurrency for the purposes of remittance and payments rather than a form of investment.

However, with Bitcoin recently breaking the US$ 5,000 mark again, it seems it would be more likely for one to use cryptocurrencies as form of investment rather than for the purposes of payment

The fintech companies are all based within the Philippines’ National Capital Region or Metro Manila, with six of them headquartered in the financial district of Makati City, and one each in the cities of Pasig, Pasay, Paranaque, and Taguig.

The 10 licensed cryptocurrency exchanges are all working to enable Filipinos to convert Philippine Peso with cryptocurrencies, tokens, and other forms of virtual currency, like Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, and other locally in-demand cryptocurrencies

 

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