In an interview with BitPinas, Virtual Currency Philippines Inc. said that VHCEx, a cryptocurrency exchange platform is targeting a 2018 launch in the country.
VCPI founder Jenn Lim said that the company has already secured a license to operate as a business in the Philippines and currently in the process of forming up a core team. As for matters related to cryptocurrency, VCPI has a virtual currency (VC) license, obtained from the Bangko Sentral ng Pilipinas (BSP), to allow crypto to fiat transactions in its platform.
Upon securing the VC License, VCPI also secured the e-money issuing (EMI) license, which allows it to legally store customer funds in Philippine fiat (Pesos). Acquiring an e-money license allows non-banks to offer, among other things – mobile money, cash-in/cash-out systems, and have KYC requirements simplified.
Mr. Lim also confirmed to BitPinas that VHCEx will list NEM (XEM) tokens in its platform. Mr. Lim is in conversation with NEM Malaysia, the regional headquarters of NEM Southeast Asia about NEM – MYR (Malaysian Ringgit Pairings), which will extend to NEM – PHP pairing upon VCHEx’s launch in the Philippines.
This information is verified by BitPinas with NEM Philippines as well.
VHCEx has a process when selecting what tokens to put in its platform, but the selection starts with offering bitcoin and ethereum. The platform also has its own coin – VHCoin, which is similar to Binance Coin.
“For companies who are interested to list their coins/tokens on our platform, they will be required to submit their information to our support team. The said coin or token must fulfill selected criteria stipulated by us (may change from time to time), which we will first review and ensure it is compliant with our licenses and framework.” – Jenn Lim, founder VCPI
Currently, there are 4 other holders of the virtual currency exchange license in the Philippines: Coins.ph’ Betur Inc., SCI Ventures’ Rebittance Inc., Etranss, and Bloom Solutions. The license allows these companies to convert Philippine Peso to Cryptocurrency and vice versa.