Philippines Now Boasts Of Ten Approved Crypto Exchanges

There is something about the Philippines trying to catch up with Japan. This is the ever-growing number of approved crypto exchanges in the country. So far, ten crypto exchanges have received the green light from the Philippines’ Central Bank.

Bitcoin adoption appear to be growing so strong in this country. One of the largest banks in the country now even has a BTC ATM at one of its main branches in the country. But that’s not all to it. The Cagayan Economic Zone Authority has offered licenses to a total of 24 cryptocurrency exchanges.

Ten Legal Cryptocurrency Exchanges

The body that is responsible for approving the crypto exchanges in Philippines is referred to as The Bangko Sentral ng Pilipinas. So far, it has been able to approve a total of ten crypto exchanges. This is according to the list that was recently provided by the Central Bank. Three of these exchanges were added recently.

The information was verified by the officer in charge of the department of Innovation Supervision and Technology Risk, Melchor T. Plabasan. He went ahead to state the crypto exchanges that were authorized recently. They include the Aba Global Philippines Inc., the Coinvillel Phils Inc., as well as the Bexpress Inc.

The Seven Other Cryptos

There are a total of ten businesses that have been approved to offer cryptocurrency exchange services by the Central Bank. They also offer transfer and remittance services with foreign exchange and money changing deals.

Besides the aforementioned three, there are other seven new ones. They include the Zybi Tech Inc., Fyntegrate Inc., and Etranss Remittance International Corp. Others are the Virtual Currency Philippines Inc., Bloomsolutions Inc., and he Remittance Inc. The last ones in the list are dba Coins.ph, and the Betur Inc.

Japan Is On A Another Level

From the look of things, it appears that Phillppines has been trying to compete Japan in the cryptocurrency market. Just recently, the top financial regulator of Japan regulated two new virtual coin exchanges. This brings the total number of registered exchanges in Japan to 19.

The regulator has also revealed that more than 140 businesses have shown interest of registering cryptocurrency exchanges in the country.

A Major Bank That Has A BTC ATM

Union Bank of the Philippines is one of the largest banks in the country. Just recently, the bank went ahead and installed a BTC ATM at one of its main branches. This was done with the approval of the country’s central bank. The bank also collaborated with the Coins.ph. This Bitcoin ATM started operating in March 2019.

According to a statement from one of the bank’s representatives, the machine can only be used for defined purposes. It will only be used to purchase and sell the cryptos. The ATM has been situated in the Ark Makati. For that reason, it can only be accessed when the Ark branch is open. Users will be able to withdraw the money they made in the operation directly from the ATM. This happens when they sell their BTCs.