The market for cryptocurrency businesses has grown immensely in Philippine, owing to the rapid growth of local firms and conducive regulations. 1 out of 10 adults in the Philippine is a user of crypto exchange.
Bangko Sentral ng Philippines (BSP) has accepted 3 crypto exchanges, so now the number of approved crypto exchanges is 10. It is further rumored that the central bank of the Philippine has legalized cryptocurrencies.
The main purpose of the bank is the proper regulation of the crypto assets; such as Bitcoin, as a means of transfer value and remittance, but as Central Bank neither issue any Bitcoin nor backed it by any commodity.
The BSP so far has no intention to grant VC to it. BSP endorsed VCs only for delivery of financial services. However, approval of crypto exchange is quite practical and is similar to that of the system of Japan in regard to legitimacy, security, and solvency.
Japanese Financial Authorities introduced a national licensing program to manually approve all exchanges and this system protects user funds. Union Bank of Philippine has installed the first bitcoin ATM and is approved by the Central Bank of Philippine.
The Central bank of Philippine is now regulating every domain of local crypto market in order to strengthen the growth of crypto sector on the right track.