Philippines Central Bank Authorizes VCEs Atomtrans and Telcoin

Asia Blockchain Review
August 27, 2019

Globally present Atomtrans Tech Corp. and Tokyo-based Telcoin Corp. have both received the go-ahead from the central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), to set up virtual currency exchanges (VCEs) in the country.

Reported by The Philippine Star, the BSP’s latest approval for the two VCEs to register and begin operations takes the country’s total number of companies working with cryptocurrencies to 13.

Two New VCEs to be Established by International Companies

Founded in 2017, Atomtrans Tech Corp. International is a financial service provider with offices across the globe, including a headquarters in Manila, the Philippines. It currently operates ATC Remittance, ATC Payment, and ATC Digital Currency Exchange in the country and has strategic cooperation agreements with China UnionPay Electronic Payment Co., Ltd. and UnionBank of the Philippines.

Telcoin Corp. from Japan utilizes technology based on the Ethereum blockchain to enhance the capabilities of mobile service providers. The company’s website advertises its services as allowing for convenient and secure transfers of money and payments. 

BSP Approval Comes with Calls for Caution

Melchor Plabasan, Officer-in-charge of the Technology Risk and Innovation Supervision Department at the BSP, announced the approval given to Atomtrans and Telcoin by BSP’s Monetary Board.

While the bank has continued to approve the operation of cryptocurrency businesses and VCEs, it has made sure to caution financial institutions dealing with such companies as well as with virtual currencies. The bank’s Memorandum 2019–21 states that financial institutions operating under the BSP must enact proper risk management policies and practices when engaging with VCEs.

Source: www.philstar.com


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