According to the central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), there have been 16 cryptocurrency exchanges service providers licensed to operate by regulations. One of the regulated exchanges has been helping the government and Unionbank launch an application to buy bonds.
16 cryptocurrency exchanges registered in the Philippines
The central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), has so far approved 16 cryptocurrency exchange service providers.
Thus, the list includes 16 exchanges including Aba Global Philippines (Coexstar), Atomtrans Tech, Betur (dba Coins.ph), Bexpress, Bloomsolutions (Bloomx), Coinville Phils, Etranss Remittance International, Fyntegrate (dba Philippine Digital Asset Exchange or PDAX), Rebittance (Rebit, Buybitcoin.ph), Telcoin, VHCEX, and Zybi Tech (dba Juancash), and four recently approved cryptocurrency exchanges, including Finchain Technology Inc., Iremit Inc., Moneybees Forex Corp., and Wibs PHP Inc.
Previously, there were 13 approved cryptocurrency exchanges in the Philippines. However, Bitan Moneytech has been delisted since June 30 and is no longer on the approved list of BSP above. BSP has established a formal legal framework for cryptocurrency exchanges in Circular No. 944 of February 6, 2017. Crypto exchanges are required to register with BSP as transfer companies. Money and money transfer.
Government, Unionbank and PDAX launch bond application
Last week, the country’s Treasury Office, the Union Bank of Philippines (Unionbank), and cryptocurrency exchange PDAX launched a Bonds.ph blockchain application. This application is responsible for distributing government bonds.
National Treasurer Rosalia V. De Leon explained that:
“The new mobile app will allow Filipinos, particularly the unbanked, to invest in the government’s new retail treasury bond and help the country raise funds to help with economic recovery and strengthen the COVID-19 response.”
Unionbank, one of the largest banks in the country, installed Bitcoin ATMs early last year. Its UBX subsidiary has invested in PDAX exchange.
Unionbank President and CEO Edwin R. Bautista stated:
“This is the first retail treasury bond issuance to leverage on blockchain technology – in Asia, and likely the world. The Philippines is ready to lead the way into the future and tech up the nation with innovative, inclusive opportunities, powered by emerging technologies, for the benefit of all Filipinos.”
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