The Philippines Just Released New Rules for Bitcoin Exchanges
The central bank of the Philippines has released new guidelines for bitcoin exchanges operating in the country. The move comes months after officials for the Bangko Sentral ng Pilipinas (BSP) signaled their intention to regulate exchanges, suggesting at the time that they would class the businesses as a form of remittance company. Under guidelines inked on 16th January and published today, "entities" that offer exchange services will be required to apply for a Certificate of Registration. Exchanges will also need to register with the country’s Anti-Money Laundering Council....
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The central bank of the Philippines is looking to expand oversight of the country’s financial system following an embarrassing hack on the SWIFT international transfer system – a move that may ultimately result in new rules for domestic bitcoin services. According to Reuters, officials for the Bangko Sentral ng Pilipinas are mulling whether to apply additional scrutiny to money exchangers in the Philippines, which could capture bitcoin exchanges that swap cash for digital currencies. During an event organized by the central bank, deputy governor Nestor Espenilla, who oversees the....
In the long run, this news will be positive for the bitcoin ecosystem as a whole. The bitcoin world was rather shocked to find out the PBOC had another meeting with exchange operators. Although that had been announced weeks in advance, the market responded in a rather negative manner. As it turns out, this meeting took place to inform domestic exchanges about the AML and forex rules affecting all Chinese companies. Not adhering to these rules can result in the exchanges being shut down, albeit no one is violating the rules right now. It is not surprising to learn AML and foreign exchange....
Bangko Sentral ng Pilipinas has released a new set of regulations for the country's Bitcoin exchanges. The Central Bank of Philippines, Bangko Sentral ng Pilipinas has released a notification that makes it easier for Bitcoin exchanges in the country to operate. The new “Guidelines for Virtual Currency (VC) Exchanges” was approved by the country’s Monetary Board. According to the regulation, all cryptocurrency exchanges operating in the country will have to register themselves as Non-Banking Financial Institutions. The Central Bank has introduced these regulations in the light of increased....
Bankgko Sentral ng Pilipinas, hereinafter BSP, is officially regulating local Philippine Bitcoin exchanges as remittance companies and recognizing Bitcoin as a legitimate payment method. Earlier this month, BSP Deputy Governor Nestor Espenilla announced the plans of the Philippine Central Bank to issue a proper regulatory framework for Bitcoin users, exchanges and companies. Espenilla emphasized the exponential growth of Bitcoin within the country, stating that monthly Bitcoin volumes increased from $1 mln to $6 mln a month in a year. Guidelines for Virtual Currency (VC) Exchanges. Almost....
The Philippines will hold a convention on payments and e-commerce this September to highlight the growth an opportunities in this industry. This will bring together more than a thousand attendees, 60 speakers, and 40 international and local exhibitors for the Cards & Payments Philippines and E-Commerce Show Philippines expo, with some set to discuss cryptocurrency trends in the country. The events will be held in the SMX Convention Center in Manila from September 2 and 3, with industry leaders from the Department of Trade & Industry, Bangko Sentral ng Pilipinas, Globe Telecom, E-PESO, Land....