Updated: July 13, 2018 to include correct website of Virtual Currency Philippines Inc.
With the country having a stable $40 million worth of cryptocurrency transactions a month, many firms are vying for the coveted “virtual currency exchange license” in the Philippines to operate a business that can deal with “crypto to fiat” and “fiat to crypto” transactions.
The Bangko Sentral ng Pilipinas (BSP) reported that there are a number of companies applying to have a license to operate in the country.
This list will give you the name of the companies who are licensed to convert Philippine Peso to cryptocurrency and vice versa.
*Take note that the license coming from the BSP covers the conversion of crypto to fiat and vice versa. This license does not cover an order-book style exchange.
Table of Contents
Betur, Inc. operates the wallet app Coins.ph. Founded by Ron Hose and Runar Petursson, the company was built to provide financial services to the unbanked.
Betur received its virtual currency license from the BSP in September 2017.
Coins.ph’ suite of cryptocurrency features include direct conversion of fiat (Philippine peso) to bitcoin, bitcoin cash, and ethereum and vice versa.
Betur also operates CX, a crypto exchange like Binance that offers users to trade cryptocurrency to Philippine fiat on the prices they set themselves.
On June 2018, the company announced that it has already serviced 5 million customers.
Official Website: http://coins.ph/
BloomSolutions’ business involves using the blockchain and cryptocurrencies to make remittances faster and cheaper. It offers the technology to other remittance centers by using its BloomRemit API in order to upgrade traditional platforms.
BloomSolutions received its license from the BSP in May 2018.
BloomSolutions is also the company behind BloomX, a platform for forex and remittance agents to deal with cryptocurrencies.
- Read more: Lack of Awareness Hinders Blockchain Adoption in Remittances, Says Bloom Solutions Founder
Official Website: https://www.bloom.solutions/
ETranss aims to provide lower remittance costs by using digital currency and to also provide financial inclusion to OFWs. It is working on building a licensed and regulated ETranss Distributed Exchange that will facilitate remittance via a safe and secure fiat to crypto trade.
ETranss received its license on July 2018.
Official Website: http://www.etranss.io/
Rebittance, Inc. is a wholly owned subsidiary of Satoshi Citadel Industries (SCI or SCI Ventures). It is one of the pioneer blockchain companies in the Philippines. The company operates the following products:
- Buybitcoin.ph – Bitcoin buy and sell website
- Bitbit – Peso and Crypto wallet
- Rebit – Remit money to the Philippines using bitcoin
- Citadax – Cryptocurrency Exchange
Rebittance received its license on October 2017.
Official Website: https://sci.ph/
Virtual Currency Philippines, Inc.
Virtual Currency Philippines Inc (VCPI) made the announcement of launching in the Philippines last February (Check this video). The digital currency exchange will support bitcoin and ethereum, with support to other tokens soon.
Official Website: https://vhcex.com
According to the Bangko Sentral ng Pilipinas’ (BSP) Director Chuchi Fonacier, there are more than two dozen companies seeking to have a virtual currency exchange license. All of which are in different stages of approval.
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