The responses of local exchanges fall in either of the three categories – full suspension of XRP trading, partial suspension, and no change in current policy.
The Central Bank said they want to ensure “financial service providers” are conducting “ethical business practices” and do not engage in activities that will harm their customers.
The Bangko Sentral ng Pilipinas (BSP) has advised banks in the Philippines to only deal with licensed virtual currency exchanges (VCEs) and exercise extreme due diligence when doing business with them.
Operators of ATMS that allow purchase or exchange of virtual currencies like bitcoin must be registered with the BSP as VC Exchanges (VCEs).
The Philippine Central Bank approved 3 new companies that can legally process crypto to fiat transactions and vice versa.
The license from the Philippine Central Bank allows the company to legally engage in crypto to fiat transactions and vice versa.
The Securities and Exchange Commission affirms its commitment to release regulations for Initial Coin Offerings (ICOs) and Virtual Currency Exchanges by June 2019.
The Philippines’ Securities and Exchange Commission is in the process of creating draft rules for virtual currency exchanges that act as trading platforms.
(Update – Nov. 2023) What is a VASP license in the Philippines? What firms have a license to operate a crypto-to-fiat exchange in PH?