BSP, the central bank of the Philippines, has increased by 11 the number of accredited cryptocurrency exchanges in the country. Together with 37 others recently approved by the Economic Zone Authority Cagayan (CEZA), the latest round brings the total number of newly accredited crypto exchanges to 48.

As reported by Altcoin Buzz, all listed crypto exchanges will immediately be licensed to carry out virtual currency (VC) exchange transactions. 

Registered Crypto Exchanges Need Safeguards in Place

Accredited exchanges include Betur Inc, dba Coins.ph, Rebittance Inc, Bloomsolutions Inc, Virtual Currency Philippines Inc, Etranss Remittance International Corp, Fyntegrate Inc, Zybi Tech Inc, Bexpress Inc, Coinville Phils Inc, Aba Global Philippines Inc and Bitan Moneytech Co Ltd.

Additionally, BSP has given out the circular number 944 as a regulatory tool for digital currencies, ordering all exchanges dealing with crypto and Peso to ensure they are registered with the central bank. 

The Philippines has also classified those exchanges as remittance and transfer firms, with the BSP explaining that registered exchanges are required to ensure adequate protections addressing risks associated with VCs. Safeguards include basic controls on anti-money laundering and terrorist financing, technology risk management and consumer protection. 

Crypto ATM Operators Must Register as VC Exchanges 

On the matter of cryptocurrency ATMs, BSP disclosed that it has not given out licenses to install the machines anywhere in the country. The bank also noted that parties interested in operating crypto ATMs must strictly adhere to the 944 circular and register as a VC exchange. 

BSP further stated that in order to carry out crypto trading and initial coin offerings (ICOs), exchanges may require separate permissions from the Securities and Exchange Commission.

Source: https://www.altcoinbuzz.io

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