3 New Companies Join PDAX, Coins.ph, etc as BSP-Licensed Virtual Currency Exchanges

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(Philippines) April 10, 2019 – The Philippine Central Bank approved 3 new companies that can legally process crypto to fiat transactions and vice versa.

The Bangko Sentral ng Pilipinas (BSP) approved the following companies as Remittance and Transfer Companies (RTC) with Virtual Currency (VC) Exchange Service:

  1. Bexpress Inc
  2. Coinville Phils Inc
  3. ABA Global Phils Inc

The companies above are now allowed to exchange a customers’ fiat (Peso) to any cryptocurrency such as bitcoin and the vice versa.

BitPinas earlier reported on March 12, 2019 that Bexpress received their license from the BSP on March 5, 2019. The license they received is to operate as a REMITTANCE and TRANSFER COMPANY (RTC) with a TYPE A Remittance Agent with Virtual Currency Exchange (VCE) service.

As a licensed exchange, they are required to submit necessary documents such as transaction volume, as well as follow guidelines expressed in the circular no. 944 (Guidelines for Virtual Currency Exchanges) and be compliant with the country’s anti-money laundering rules.

The announcement brings the total number of licensed virtual currency exchanges to 10, including Coins.ph, Rebittance, PDAX, VCPI, and B-Express. The full list of licensed exchanges can be found here.

Last month, the BSP reminded companies operating 2-way virtual currency ATMs (ATMS that convert fiat to crypto and vice versa) to also register as a licensed exchange with the agency. The news came on the heels of UnionBank of the Philippines launching its own virtual currency ATM. UnionBank confirmed to BitPinas, however, that they have received permission from the BSP to launch the VC ATM.

This article originally appeared on BitPinas: 3 New Companies Join PDAX, Coins.ph, etc as BSP-Licensed Virtual Currency Exchanges

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Michael Mislos

A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]