The Philippines is catching up to Japan with a growing number of approved cryptocurrency exchanges. The central bank has green-lighted 10 crypto exchanges so far. Meanwhile, one of the country’s largest banks now has a bitcoin ATM at one of its main branches. In addition, the Cagayan Economic Zone Authority has independently licensed 24 crypto exchanges.
10 Legal Crypto Exchanges
The Bangko Sentral ng Pilipinas (BSP) has approved 10 cryptocurrency exchanges in total, according to the most recent list provided by the central bank. Three of them were recently added, the Manila Times reported Monday.
Melchor T. Plabasan, the officer in charge at the Technology Risk and Innovation Supervision Department of the central bank, said the latest crypto exchange operators authorized were Bexpress Inc., Coinvillel Phils Inc., and Aba Global Philippines Inc.
The most recent list of remittance and transfer companies with money changing or foreign exchange dealing as well as virtual currency exchange service provided by the central bank comprises 10 businesses. Besides the three new additions, the seven others are Betur Inc. dba Coins.ph, Remittance Inc., Bloomsolutions Inc., Virtual Currency Philippines Inc., Etranss Remittance International Corp., Fyntegrate Inc., and Zybi Tech Inc.
In comparison, Japan’s top financial regulator recently registered two new crypto exchanges, bringing the total of approved exchanges in the country to 19. Furthermore, the regulator has told news.Bitcoin.com that over 140 more companies have expressed interest in operating crypto exchanges in Japan.
Bitcoin ATM at a Major Bank
Union Bank of the Philippines (UBP) aka Unionbank, one of the largest banks in the country, recently installed a bitcoin ATM at one of its main branches,