JP & PH Investors to Establish Bitcoin Exchange in Cebu
It aims to introduce a new virtual currency exchange so that Filipinos can take advantage of cryptocurrencies and blockchain technology in facilitating remittance of money.
Investors from Japan has partnered with Filipino businessmen to establish a new virtual currency exchange in the country.
Japan Global Coins Corp
Mr. Takanori Okuno formed Japhil Global Coins Corp (J-PGC) together with Emmanuel Roa Duterte. The company’s headquarters is in Cebu. It aims to introduce a new virtual currency exchange so that Filipinos can take advantage of cryptocurrencies and blockchain technology in facilitating remittance of money.
Disregarding the recent slow transactions in the bitcoin network, other coins, such as litecoin prides itself on facilitating transactions faster than bitcoin. (Read More: Where to buy Litecoin in the Philippines)
In a press conference, Japhil intends to introduce other businesses that center around virtual currencies. This includes scholarship programs and the like. Japhil has a backup network with connections to bitcoin companies in other parts of the world.
BSP Application
Japhil (J-PGC) is one of the companies that applied for a license to operate as a virtual currency exchange with the Philippine Central Bank. J-PGC has not yet received an approval but the company is confident with its application.
SEC and DOF
J-PGC has already made a courtesy call to the country’s Department of Finance Secretary, Carlos Dominguez III, of their intention to enter the Philippines as a virtual currency exchange. J-PGC is also formalizing its registration with the Securities and Exchange Commission.
Why the Philippines
According to Mr. Takanori:
We chose the Philippines as our center of business following the long-term relationship between our countries. The Philippine economy is also growing very quickly.
Overall – Cryptocurrencies in the Philippines
As of today, the BSP has approved the license of 2 virtual exchange companies – Betur Inc (which operates Coins.ph) and Rebittance (which is owned by SCI Ventures, which operates buybitcoin.ph, rebit.ph, bitbit.cash, etc).
In the past, the BSP mentioned it is reviewing applications for a license by several different companies. However, despite this, the BSP reiterates that it is not endorsing cryptocurrencies. In its Memorandum Circular No. 944, the BSP mentioned the fact that such currencies are not backed up by other commodities and are purely speculative.
In the meantime, future ICOs in the Philippines must first register with the Philippine Security and Exchange Commission. As ICOs sell coins that can be classified as investment instruments, such coins are classified as “securities” and must then follow the country’s Securities Regulation Code.
Sources: Sun Star Cebu, Phil Star
