Philippines Will Stop Accepting Crypto License Applications for 3 Years, Regu...
The central bank of the Philippines, Bangko Sentral ng Pilipinas, has announced that it will stop accepting crypto license applications for three years, starting next month. The central bank is the primary regulator of the crypto sector in the Philippines. Philippines Halts Accepting Crypto License Applications The Philippine central bank, Bangko Sentral ng Pilipinas, announced Wednesday that it will stop accepting new Virtual Asset Service Provider (VASP) license applications for three years. In a memorandum dated Aug. 10, the central bank explained that it....
Related News
The Banko Sentral ng Pilipinas said that the closing of VASP applications begins on Sept. 1, 2022, and will last for three years. While many believe that the Philippines can become a new crypto hub, that dream may be shattered in the meantime as the country’s central bank announced a 3-year hiatus from accepting new virtual asset service provider (VASP) applications. According to a memorandum signed by Chuchi Fonacier, a financial supervision official at the Banko Sentral ng Pilipinas (BSP), they aim to balance the promotion of innovation in finance and managing the risks associated with....
The archipelagic country of the the Philippines is exploring blockchain use cases across different industry verticals. Binance, the cryptocurrency exchange, has recently acquired a virtual asset service provider (VASP) license from the Bank of Spain in order to operate in the country. In its ambitious expansion plans that the cryptocurrency exchange is persisting despite the global jump and market slump in the cryptoverse, there is another country that Binance is looking toward — the Philippines.In June, the CEO of Binance, Changpeng Zhao, stated in a press briefing in Manila that the....
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....
Crypto exchange Binance is reportedly seeking to reenter the Japanese crypto market. The company exited Japan four years ago after the country’s financial regulator warned that Binance was operating illegally without a license. Binance Wants Back in Japan Crypto exchange Binance is seeking a license to return to the Japanese crypto market, four years after exiting the country, Bloomberg reported Monday, citing people familiar with the matter. The key reasons behind Binance’s renewed interest in Japan are the Japanese government’s easing regulatory approach to crypto....
The Philippines has been experimenting with different payment modes for years. The problem is that many of these systems never attained worldwide recognition. Bitcoin, however, has proven to be one of the most promising medium of exchange in the Philippines, thus far. Bitcoins appeared in 2009, but they only managed to gain some traction in the last 3 years. The digital currency was just introduced in the Philippines and one company largely responsible for raising cryptocurrency awareness in the country is Bitmarket.ph. Launched in May, Bitmarket.ph is more like a marketplace, payment....