The Philippines are people who are ever willing and ready to know more about the new technology. The country is popularly known as the home of growing Bitcoin ecosystem.
The many successes achieved by this country could be attributed to the activities of their government and various domestic firms. There have been reports of so many new exchanges springing up from this country but only 2, were recently approved by the country’s central bank. The processes of approving it is still ongoing.
Just like other countries in the world, Philippines also issue license to cryptocurrency trading platforms. However their economy is not that perfect to oversee the whole situation talked about, as there are still few companies that operate without a license in the country. The regulatory bodies in Philippines however promised to change the situation in the coming months.
All exchanges, especially those that seek for license to offer PHP- based trading are being reviewed by the country’s central bank. There are many ways in which a cryptocurrency trading platform can be launched in the country. Peer-to-peer exchange platform does not however require much processes as they can kick-off without an official license.
It would be considerate if these peer-to-peer platform get a license from the central bank. As for firms that wants to link the Philippine peso with the different trading pairs, it must first of all get an official accreditation from the central bank.
Two companies applied for the accreditation and they were both approved by the country’s central bank, earlier this week. The company names are ETranss and virtual cryptocurrency platform. These two companies are now allowed to offer fiat cryptocurrency trading on their platform. CRYPTO enthusiasts in the country are now interested to see what these new platforms has in store for them.