Here’s When BSP Will Allow New Digital Bank Licenses | Key Points | Aug. 9, 2024
GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. In today’s news recap: An update on the digital banking licenses!
Here are the latest crypto news stories in the last 24 hours.
Table of Contents
Market Analysis and Updates 📈
Here are the crypto highlights of the day:
Crypto Price Update
- Bitcoin (BTC): $61,001.22, up 10.1% over the last 24 hours.
- Ethereum (ETH): $2,658.51 up 12.5% over the last 24 hours.
- Solana (SOL): $161.24, up 11.5% vs the previous day.
Trending Coins Update
- XRP: $0.6111, up 3.1% vs the previous day.
- Fwog: $0.0192, up 95.3% over the last 24 hours.
- Toncoin: $6.13, up 11.7% vs the previous day.
For the daily price update, check out our post on Facebook.
Feature News: Here’s When BSP Will Allow New Digital Bank Licenses
The Bangko Sentral ng Pilipinas (BSP) will allow new digital bank licenses starting January 1, 2025. Up to 10 digital banks will be permitted to operate.
What’s the significance: This change aims to improve access to financial services and encourage more digital banking options in the Philippines.
- The BSP wants these new banks to offer different and innovative services, especially for people who don’t have good access to banking now.
At the moment: There are currently six digital banks in the country. The BSP will allow four more, either as new banks or converted from existing ones.
New applicants must go through a thorough process, showing they have strong business plans, resources, and unique services. Only those who meet strict criteria and are ready to launch effective digital services will be approved.
Key quote:
“Applicants must bring something new to the table. We want to see unique product and service offerings that are different from those offered by existing market players.”
Eli M. Remolona, Jr., Governor, BSP
What’s next: Applications open on January 1, 2025. Banks will be assessed on their ability to provide unique and valuable services.
Read more:
- (August 2024) List of Digital Banks With High Interest Rates in the Philippines
- Crypto vs. Digital Banks: Which Offer Better Interest Rates in the Philippines?
Question! How about new VASP applications? Unfortunately there’s no update on this ever since the BSP has closed the applications for new licensed crypto exchange in 2022.
Philippine Crypto News 🇵🇭
- BitPinas Article: Blockchain Conference held at Holy Angel University.
- BitPinas Article: From serious to humorous, Crypto PH orgs pledge rewards to PH Olympic gold medalist Carlos Yulo.
- Coins.ph lists the token $AIR.
- Paytaca announced its new merchant partners in Tacloban City—MK Kopi and Rolyn’s Pizza House.
- PDAX now supports USDT on the CELO network.
Educational Corner 🎓
For crypto beginners: check out the recap of the episode 53 of the BitPinas Webcast where Michael Angelo Biag of Cryptobilis PH discussed how to choose the right crypto wallet and how to keep it secure.
Regulation Watch 📜
Stay informed about the latest regulatory updates and what they mean for you:
- The UK’s Financial Conduct Authority (FCA)issued further guidance to help crypto firms comply with promotional regulations.
- District Judge Analisa Torres reduced the SEC’s penalty request against Ripple Labs by 94% to $125 million.
- The IMF is working with El Salvador to address fiscal and financial stability risks related to bitcoin.
- FTX and Alameda Research have been ordered to pay $12.7 billion to creditors by a New York judge.
Community Spotlight 🔦
Meet Michael Angelo Biag: He is a notable figure in the cryptocurrency community in the Philippines and Southeast Asia.
- Biag is the Co-Founder of CryptoBilis Philippines—a company that offers a range of hardware wallets and organizes community events related to crypto commerce.
In May, CryptoBilis organized a Bitcoin Pizza Day Party in Manila.
More Web3 and AI News 💡
Discover the latest in web3 and AI innovation.
- KuCoin announced a strategic partnership with Everest Ventures Group (EVG) to drive community growth and enhance crypto adoption.
- Solana-based DePIN project Andrena raised $18 million to develop DAWN, a decentralized autonomous wireless network.
- A study by Aventus and Airport Perishables Handling at Heathrow Airport shows that Web3 solutions, particularly blockchain technology, can cut cargo handling costs for airlines by up to 7%.
Web3 Gaming Section 🎮
The future of web3 is gaming, and here are the latest news.
- Web3 game studio Curio raised $5.7 million; the funds will support the expansion of its team and development of its new on-chain game, Duper.
- Gala Music launched Music Miner, a “clicker style” game on Telegram designed to boost Web3 music engagement.
- Spaceport is collaborating with a division of the South Korean gaming company Com2uS to introduce its IP to Roblox and Fortnite.
Event Announcements 📅
Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space!
Happening today:
- World of Consumer Electronics Expo (WOCEE) [TechTalk – Day 3]: August 9, 2024
- Conn3ct: Crypto & Blockchain – Cebu: August 9, 2024
Upcoming events:
- Hedera Davao Meetup: August 10, 2024
- Bitget Crypto Experience Day Philippines: August 17, 2024
Noteworthy 🌟
Key updates and announcements from around the crypto and blockchain world:
- The U.S. Democratic Party launched the “Crypto for Harris” campaign to counter Trump’s appeal within the crypto industry.
- Dormant wallets linked to the PlusToken Ponzi scheme, which had not moved since 2021, recently transferred significant amounts of ether, totaling up to $464.7 million.
- Hong Kong’s crypto ETFs saw a record trading volume of $31 million during a market selloff.
- Blockchain protocol Nexera experienced a $1.8 million exploit.
Stay Connected:
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- Join our Telegram group for real-time discussions!
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This article is published on BitPinas: Here’s When BSP Will Allow New Digital Bank Licenses | Key Points | Aug. 9, 2024
