Philippines is gearing towards an increased cryptocurrency exchange to 16 as approved by its regulating Central Bank called Bangko Sentral ng Pilipinas (BSP).
Four companies have joined the group and they are are Moneybees Forex Corp., Finchain Technology Inc., Iremit Inc., and Wibs PHP Inc.
According to BSP, their main common denominator is that they are “Remittance and transfer companies (RTC) with virtual currency (VC) exchange services”.
Previously, 12 firms were granted the permit to partake in the blockchain business legally.
Among those are Aba Global Philippines (Coexstar), Atomtrans Tech, Betur (dba Coins.ph), Bexpress, Bloomsolutions (Bloomx), Coinville Phils, Etranss Remittance International, and Fyntegrate (dba Philippine Digital Asset Exchange or PDAX).
Completing the list is Rebittance (Rebit, Buybitcoin.ph), Telcoin, VHCEX, and Zybi Tech (dba Juancash).
According to reports, the number could have been 13, yet Bitan Moneytech has been delisted as of June 30 and will no longer license under BSP.
In terms of cryptocurrency, the Philippines has well fared off tallying a high number of 10 early in 2018, ahead of its counterparts within the Southeast Asian Region.
Late July, the country’s Bureau of the Treasury and Union Bank of the Philippines (UBP), a private bank who’s named spading at banking innovation, and a crypto exchange PDAX launched a blockchain app called Bonds.ph to help for the government bonds.
The National Treasurer Rosalia V. De Leon said that the new mobile app would empower Filipinos, particularly the unbanked, to invest in the government’s latest retail treasury bond and aid the country raise funds to help with economic recuperation and strengthen the COVID-19 efforts
In earlier reports, Unionbank, one of the biggest banks in the country, installed a bitcoin early 2020 and its subsidiary UBX has invested in the PDAX exchange.
In an interview with its CEO, it said that the first retail treasury bond issuance to leverage on blockchain technology – in Asia.
Backed by a total population of 570 million, which perceives a young demographic and high Internet connectivity, SEA region is auspicious for companies and investors – blockchain sector involved