More VC exchanges to set up shop in PH
Credit to Author: MAYVELIN U. CARABALLO, TMT| Date: Mon, 08 Apr 2019 16:19:47 +0000
The Bangko Sentral ng Pilipinas (BSP) has approved the applications of three more virtual currency exchanges (VCE) to operate in the Philippines.
Melchor Plabasan, officer in charge at the Technology Risk and Innovation Supervision Department of the central bank, named the new VCEs as Bexpress Inc., Coinville Phils. Inc., and ABA Global Phils. Inc., but did not provide further details.
Other exchanges previously given the green light to operate in the country were Fyntegrate Inc., ZyBi Tech Inc., Betur Inc., Rebittance Inc., BloomSolutions, ETranss and
Virtual Currency Philippines Inc.
VCEs are required to register with the BSP and the Anti-Money Laundering Council, and also have to submit periodic reports regarding transactions and their finances.
The Bangko Sentral, in early 2017, moved to regulate virtual currency transactions, issuing Circular 944 that set guidelines for the operation of VCEs.
The central bank stressed that it was not endorsing any virtual currency, but instead to regulate their use for payments and remittances, at the same time limiting money laundering and terrorist financing risks.
A virtual currency is any type of digital unit that is used as a medium of exchange or a form of digitally stored value created by agreement within the community of virtual currency users, according to regulators.
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