TOP > News > Bexpro/B-Express Receives BSP Virtual Currency Exchange License in the Philippines
March 19, 2019 Updated

The license from the Philippine Central Bank allows the company to legally engage in crypto to fiat transactions and vice versa.

March 12, 2019 – BitPinas has learned that B-Express PH, operating as Bexpro, has received a virtual currency license from the Bangko Sentral ng Pilipinas (BSP), allowing it to legally engage in crypto to fiat transactions and vice versa.

Bexpress Inc is a South Korea-based crypto company currently headquartered in Paranaque. It was registered to the Securities and Exchange Commission in 2016 and they applied for a BSP license in 2017. The company developed a mobile trading system (MTS) which it claims to be more secure, stable, and convenient versus other exchanges that originally operate web-based trading platforms.

Bexpro told BitPinas that it secures its users’ funds through the integration of HSM Wallet, said to be a secure implementation of cryptocurrency wallets. HSM wallet mentions on its website how it secures crypto trading through wallet authentication to reduce the risk of having unauthorized access to private keys. The same features are also implemented in online wallets. (Read More: List of Licensed Virtual Currency Exchanges in the Philippines).

Bexpro also mentioned that its system engineers are the same people who made home trading systems in South Korea. BitPinas staff has asked for more clarification this.

Asked how is Bexpro going to be different from the pool of existing exchanges in the Philippines, Chief Operations Officer Brian Kang noted the problem of liquidity in the country’s crypto market. One of Mr. Kang’s solution is to invite traders from the Korean market to trade in the Philippine market. “In this way, our users in the Philippines can have more chance of trading at better prices”. All of this, Mr. Kang said, will be in compliance with Philippine laws, especially the country’s anti-money laundering rules. (Read More: What is AML – Anti-Money Laundering Law).

It should be noted that of the crypto exchanges licensed in the Philippines, Coins Pro is in beta launch while the others such as BloomSolutions have used its license to create blockchain-based platforms with traditional remittance platforms. VHCEX’s liquidity stems from its availability in other countries while PDAX and Citadax have yet to launch.

BitPinas asked Mr. Kang of their plans now that they received a BSP license. He noted offering additional services like a remittance platform to serve Overseas Filipino Workers (OFWs).

“Also, we are planning to build and launch a payment gateway for merchants here in the Philippines and abroad with the use of cryptocurrency.” – Brian Kang, CEO, Bexpro

Lastly, he also informed BitPinas on creating over-the-counter services for buying and selling of cryptocurrencies.

People who are interested to learn more about B-Express and Bexpro may do so by contacting their offline helpdesk. The helpdesk will also offer cryptocurrency education should users inquire about them.

Finally, users should watch out for their smartphone apps, which will be available on Google Play and the App Store soon. Currently, users can check out their old website at https://bexpress.ph but soon, it will be redirected to https://www.bexpro.ph/ once the migration of the site is completed.

Bexpro acquiring a BSP license brings the total of virtual currency exchange licensees into 8. Bexpro joins Betur (Coins.ph), Rebittance (SCI), BloomSolutions (BloomX), Virtual Currency Philippines (VHCEX), Etranns, Fyntegrate (PDAX), and Zybi Tech as the only companies that have a government license to facilitate crypto-to-fiat transactions and vice versa.

This article originally appeared on BitPinas: Bexpro/B-Express Receives BSP Virtual Currency Exchange License in the Philippines

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