SCI Ventures Subsidiary Acquires BSP License

The company behind well known bitcoin-related products such as Bitbit and Rebit has announced its license acquisition as a virtual currency exchange.

sci ventures license

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

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, 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:

  • – 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: 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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