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The number of regulated cryptocurrency exchanges in the Philippines has grown to 16, according to Bangko Sentral ng Pilipinas, the country’s central bank. One of the regulated exchanges helped the government and Unionbank launch a bond purchase app.
16 crypto exchanges registered in the Philippines
The Central Bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), has so far approved 16 cryptocurrency exchange service providers in total. The latest list of “Transfer and Remittance Companies (RTC) with Virtual Currency Exchange Services (VC)” shows four recently approved cryptocurrency exchanges. They are Finchain Technology Inc., Iremit Inc., Moneybees Forex Corp. and Wibs PHP Inc.
The four join 12 existing crypto exchanges previously approved by the BSP: Aba Global Philippines (Coexstar), Atomtrans Tech, Betur (dba Coins.ph), Bexpress, Bloomsolutions (Bloomx), Coinville Phils, Etranss Remittance International, Fyntegrate (dba Philippine Digital Asset Exchange or PDAX), Rebittance (Rebit, Buybitcoin.ph), Telcoin, VHCEX and Zybi Tech (dba Juancash). News.Bitcoin.com had previously reported that there were 13 approved cryptocurrency exchanges in the Philippines. However, Bitan Moneytech was removed from the list as of June 30th and is no longer on the BSP approved list above.
The BSP established a formal regulatory framework for crypto exchanges in its Circular No. 944 of February 6, 2017. Crypto exchanges are required to register with the BSP as a remittance and transfer company.
Government, Unionbank and PDAX launch a Bond app
The Philippines continues to innovate in the area of crypto assets and blockchain technology. Last week, the country’s Bureau of the Treasury, Union Bank of the Philippines (Unionbank) and cryptocurrency exchange PDAX launched a blockchain app called Bonds.ph for distributing government bonds. National Treasurer Rosalia V. De Leon explained that the new mobile app will allow Filipinos, especially non-banks, to invest in the government’s new retail treasury bonds and help the country raise funds to help with economic recovery and strengthen the covid-19 response.
Unionbank, one of the largest banks in the country, installed a bitcoin ATM early last year. Its subsidiary UBX has invested in the PDAX exchange.
“This is the first retail treasury bond issue to leverage blockchain technology, in Asia and possibly around the world,” said Edwin R. Bautista, Unionbank president and CEO. “The Philippines is ready to lead the way into the future and empower the nation with innovative and inclusive opportunities, powered by emerging technologies, for the benefit of all Filipinos.”
What do you think of the Philippine approach to cryptography? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
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