2 new licensed virtual currency exchanges will join Rebittance Inc (of SCI Ventures), Betur Inc. (known as Coins.ph), and BloomSolutions to provide Filipinos platforms to convert PHP fiat to cryptocurrencies and vice versa.
Virtual Currency Philipipnes, Inc. and ETranss were recently accredited and approved by the Bangko Sentral ng Pilipinas (BSP) to operate a virtual currency exchange in the country.
The license from the BSP covers the conversion of cryptocurrency to Philippine Peso and vice versa.
The Philippines has a monthly average of around $36.75 million worth of crypto transactions during the first quarter of 2018 according to Rebittance and Betur. Data from localbitcoins.com’s reveals an average of Php 44 million transactions a month in the Philippines within its platform.
The BSP has a positive and open position with regards to cryptocurrencies. However, it also recognizes that bad actors can be present in crypto. As such, it never fails to remind Filipinos to be careful when dealing with cryptocurrencies.
- Read more: BSP: Bitcoin not for Amateurs
Aside from BSP, the Anti-Money Laundering Council (AMLC) is also keeping a close look at bitcoin and other cryptocurrencies. This is to deter money launderers from exploiting the method to transfer dirty money into the Philippines.
Virtual Currency Philippines Inc. (VCP) will provide cryptocurrency exchange that will support bitcoin, ripple, ethereum, monero, etc. It will also house its own crypto wallet that can support the tokens, as per a video dated on February 2018. VCP will host its grand launching and gala dinner at Marriott Hotel Manila on August 21, 2018. http://vcp.ph/
ETranss aims to provide lower remittance costs using digital currency. The company uses a cloud-based private network and initial ethereum protocols to provide its centralized order book (off-chain) and on/off-chain transaction preferences to its user base. Official website: http://www.etranss.io/
The three companies that previously have licenses in the Philippines are Betur Inc, Rebittance Inc, and Bloom Solutions. Betur Inc. operates the mobile wallet app Coins.ph. Rebittance Inc. is a subsidiary of SCI Ventures, which operates buybitcoin.ph, rebit.ph, and bitbit.cash. Bloom Solutions provides a platform for remittance companies abroad to use blockchain as a means of sending remittances to the Philippines.