Philippines sees surge in cryptocurrency exchange applications

Philippines sees surge in cryptocurrency exchange applications

The number of businesses applying to operate cryptocurrency exchanges in the Philippines has been growing as the sector gains popularity, a senior official of the Bangko Sentral ng Pilipinas (BSP) confirmed.

BSP Deputy Governor Chuchi Fonacier told local reporters over the weekend that the applications have become so many in the last couple of months. Investors are also having a great interest in virtual currency exchanges.

Since the beginning of 2018, cryptocurrency exchanges have had to face various regulations with many businesses either shutting down or thriving. Governments, central banks,and other institutions have set measures to regulate virtual currency exchanges across the world.Despite the growing scrutiny that cryptocurrencies have faced, the industry is still growing with more investors, buyers and entrepreneurs joining the virtual currency exchanges market.

In the Philippines, the BSP has already taken steps to regulate cryptocurrency-related businesses. This was done to help protect those who wished to participate in the cryptocurrency market through virtual currency exchanges. The central bank issued Circular 944 in February 2017, which aimed to help reduce the increased number of criminal activities like money laundering and terrorism funding. Virtual currency exchanges are required to follow the guidelines in their operations.

At the moment, Fonacier said there are 29 applications under different stages of the application process—twice the number of applications recorded by the central bank in December 2017.

As of March 15, there are only two cryptocurrency exchanges accredited to operate in the Philippines: Rebittance Inc. and Betur Inc., which operates coins.ph. According to reports, the two virtual currency exchanges earned an average of $8 million per month in the past months.

The BSP’s circular requires intensive analysis of applicants to eliminate all businesses that do not comply with the set regulations. Interested companies will have to register with the central bank and the Anti-Money Laundering Council, and are required to submit periodic reports on their operations and finances.

The virtual currency exchange business in the Philippines is quite lucrative as cryptocurrencies like SegWit-Coin BTC (otherwise known as Bitcoin Legacy of Core) and other cryptocurrencies have become quite popular with the locals. Central bank authorities said they are still waiting for more documentation from the applicants before they can make any approvals. Members of the public, meanwhile, have been advised to exercise caution when dealing with matters relating to cryptocurrency.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/philippines-sees-surge-cryptocurrency-exchange-applications/

Coins.ph opens digital exchange to private beta

Coins.ph opens digital exchange to private beta, launches BCH/PHP trading pairs

Philippine-based digital currency wallet Coins.ph announced the forthcoming launch of its Coins Exchange (CX) platform, which will serve as a digital currency exchange and is the first order-book exchange in the country.

In a statement, Coins.ph said that after receiving requests for “lower bitcoin (BTC) conversion fees” for the past couple of months, they wanted to let their users know that they’ve taken these requests to heart and are now working on a private beta of the platform.

Once officially launched, the exchange will allow unlimited trading (no balance limits, no deposit limits) at lower fees. According to its live trading page, it currently accepts Bitcoin Cash, Ethereum, Litecoin, Ripple, and legacy Bitcoin (BTC).

Here’s a screenshot of CX’s trade page with the BCH/PHP trading pair selected as default when the page first loads:

With the proposed regulation of cryptocurrencies and ICOs from the Philippine Securities and Exchange Commission, startups in the country have been preparing their documents and filing for compliance with the local government.

Coins.ph is a blockchain services platform which started operating in the Philippines in 2014. According to CX’s about page, Coins.ph has secured a Certificate of Registration from the Bangko Sentral ng Pilipinas to “formally operate as a virtual currency exchange.”

The CX project is “to make access to digital currency cheap and fast,” according to the company, noting that such efforts to offer a professional-grade order-book would result to reduced costs for trading digital currency in the country.

The platform’s consumer base forms about 2 million active users who buy and sell cryptocurrencies, send remittances to their families, and do online payments without requiring them to have bank accounts or registrations with other financial institutions.

The blockchain company previously stated that it has been evaluating the possibility of supporting Bitcoin Cash (BCH), a move that would reflect the cryptocurrency community’s vision to “bank the unbanked” and empower users with low fees and reliable confirmations over a secure network.

CX is still in private beta to a limited number of Coins.ph users, but its site has opened a waitlist for new users to register.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.