New player enters PH digital money markethome/Business/Top Business/New player enters PH digital money marketAnother virtual currency exchange (VCE) has been given the green light to operate in the Philippines, the Bangko Sentral ng Pilipinas (BSP) said. Other exchanges previously approved were Fyntegrate Inc., ZyBi Tech Inc., Betur Inc., Rebittance Inc., BloomSolutions, ETranss, Virtual Currency Philippines Inc., Bexpress Inc., Coinville Phils. The BSP in early 2017 moved to regulate virtual currency (VC) transactions, issuing Circular 944 that set guidelines for the operation of VCEs. Instead, the BSP said it is regulating the use of VCs for payments and remittances, at the same time limiting money laundering and terrorist financing risks. With this, it said operators of ATMs that allow purchase or exchange of VCs, for example, Bitcoin, must register with the BSP as VCEs under Circular 944.

Source: Manila Times June 18, 2019 01:07 UTC