SCI Ventures Subsidiary Acquires BSP License

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Satoshi Citadel Industries mentioned in a blog post that its subsidiary, Rebittance Inc now has a license to operate as a virtual currency exchange. The Bangko Sentral ng Pilipinas has so far granted licenses to Rebittance, as well as to Coins.ph.

SCI Ventures and BSP

SCI Ventures mentioned in a post:

SCI and The BSP started a dialogue in late 2014 when the company’s founders approached the Central Bank about the best way to approach regulations. With the cooperation of the major players in the Philippine Bitcoin industry, as well as the efforts of its BSP counterparts, they made sure that the new regulations had the best interests of the industry, consumer, and the nation in mind.

The Philippines and Cryptocurrency

The Philippines has been lauded as one of the most-forward looking countries when it comes to the adoption of cryptocurrency. Early this year, the BSP issued guidelines with regards to virtual currencies. Included in the BSP’s Circular No. 944 are the following:

  • Requirements to operate
  • Transactional Requirements
  • Outline of technology to be used to protect the business and its customers
  • Internal Control

Recently, Coins.ph announced its successful acquisition of a BSP License as well.

Satoshi Citadel Industries

Satoshi Citadel Industries is a pioneer blockchain company in the Philippines. It operates the following products:

  • Buybitcoin.ph – Bitcoin buy and sell site
  • Bitbit – Bitcoin Wallet
  • Rebit – Remit money to the Philippines using bitcoin

It is worth noting that Satoshi has other products related to bitcoin and blockchain. Check them out here: http://sci.ph/products.html. Mr. Miguel Cuneta, Mr. John Bailon, and Mr. Jardine Gerodias are co-founders and act as Chief Community Officer, Chief Tech Officer, and Chief Operating Officer respectively.

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[…] 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, […]

[…] least 2 companies in the Philippines have a license to operate and engage in cryptocurrency exchange. We have a major […]

[…] the BSP granted licenses for Coins.ph and SCI Ventures‘ Rebittance Inc as virtual exchanges. Bitcoin transactions in the country now stand at $6 […]

[…] has recently granted licenses to two companies (Coins.ph and Satoshi Citadel’s Rebittance Inc) and currently evaluating other applicants. […]

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]

Michael Mislos
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