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Three more cryptocurrency exchanges now BSP-licensed

Bangko Sentral ng Pilipinas (BSP) has approved three more Virtual Currency Exchanges (VCEs), bringing the total to 10 BSP-licensed VCEs as of March 31, Manila Times reports.

Recently recognized VCEs are Bexpress Inc., Coinville Phils. Inc., and ABA Global Phils.

Through BSP-licensed VCEs, Filipinos can safely buy and sell cryptocurrencies or exchange their fiat money for crypto.

In a way, these exchanges are similar to regular stock exchanges. The only difference is that while the latter are focused on trading assets or shares, VCEs traders make crypto exchanges.

There are marked differences among BSP-licensed VCEs. Some are dedicated to carry a wide range of cryptocurrencies, others are focused on fiat money to crypto trade, while others set their sights on cross-border remittances.

Whatever the exchange is specifically geared towards, BSP-licensed VCEs have to conform to operation guidelines set by Central Bank’s Circular 944.

In said circular, BSP maintains its support for financial innovations but it comes with a caveat that all BSP-licensed VCEs should not engage in nefarious activities and that Filipinos are given adequate protection when they make crypto-related transactions.

With their BSP recognition, the three are now among 10 companies that have the distinction to be a BSP-licensed VCE. Joining them on the list are Zybi Tech, Inc.; Fyntegrate, Inc.; Coins.ph (Betur Inc.); Rebittance Inc.; eTranss Remittance International Corp.; BloomSolutions Inc.; and Virtual Currency Philippines Inc.

Making the announcement regarding the new addition to the list of BSP-licensed VCEs was BSP’s Technology Risk and Supervision Department OIC Melchor Plabasan. He, however, did not bare further details.

Photo credit: Central Bank of the Philippines flickr photo by Jun Acullador shared under a Creative Commons (BY-NC-SA)

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Written by Lea Reyes

Lea Sicat Reyes is a freelance journalist based in Negros Oriental, Philippines. She has held various teaching and writing posts since 2005. Currently, she is a school administrator for a local middle school and is a columnist and editor for the Negros Chronicle.

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