The Philippines has regulators who have a developmental mindset towards crypto as well and citizens with the highest ownership of cryptocurrency according to a new report from data analytics firm Messari.io.
New VCE licensee Moneybees wants to roll out their OTC cryptocurrency service nationwide so more users can buy crypto with Php via OTC.
Operators of ATMS that allow purchase or exchange of virtual currencies like bitcoin must be registered with the BSP as VC Exchanges (VCEs).
This is despite the overall decline of the cryptocurrency market and the gradual shift to better forms of token offerings.
A registered VCE complies with anti-money laundering laws and regulation, has appropriate security within their platform to manage risks, and provide consumer protection and customer support.
The license from the Philippine Central Bank allows the company to legally engage in crypto to fiat transactions and vice versa.
Let’s break down the differences between a BSP license and a CEZA license, both can be obtained in the Philippines but with different functions altogether.
(Update – June 2023) What is a VASP license in the Philippines? What firms have a license to operate a crypto-to-fiat exchange in PH?