Crypto and Web3 News from the Philippines
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.
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New VCE licensee Moneybees wants to roll out their OTC cryptocurrency service nationwide so more users can buy crypto with Php via OTC.
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Operators of ATMS that allow purchase or exchange of virtual currencies like bitcoin must be registered with the BSP as VC Exchanges (VCEs).
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This is despite the overall decline of the cryptocurrency market and the gradual shift to better forms of token offerings.
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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.
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The license from the Philippine Central Bank allows the company to legally engage in crypto to fiat transactions and vice versa.
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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.
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(Update – Feb 2022) What is a virtual currency exchange license in the Philippines? What firms have a license to operate a crypto to fiat exchange in PH?
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