Local media has reported that the Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), has approved the registration of two virtual currency exchanges. The announcement comes after the BSP introduced legislation designed to recognize and regulate virtual currency exchanges earlier this year.
Also Read: Philippines’ Central Bank Issues Guidelines for Virtual Currency Exchanges
The BSP Governor Has Announced the Registration of Two Companies Seeking to Operate Virtual Currency Exchanges
The BSP developed guidelines for the operation of virtual currency exchanges earlier this year, seeking to create a regulatory apparatus that would foster innovation whilst managing associated money laundering and terrorist financing risks. Concerns pertaining to bitcoin’s potential use as a vehicle for terrorist financing are acute for the Philippine government due to security concerns emanating from Islamic terror cells associated with Jemaah Islamiyah.
The Philippine Virtual Currency Exchanges Will Operate Under Similar Guidelines as Remittance and Money Exchange Businesses
The BSP has expressed its belief that virtual currencies hold the potential to revolutionize the payments and financial services industry, and suggested that it may move toward fostering further financial inclusion with regards to the virtual currency industries in future.
Do you believe that the successful registration of two prospective Filipino virtual currency exchanges will lead to greater bitcoin adoption throughout the Philippines? Share your thoughts in the comments section below!
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via Samuel Haig
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