PHILIPPINES CENTRAL BANK ACCEPT PERMIT TWO CRYPTOCURRENCY TRADE EXCHANGES
As per Report 19 August 2017,Philippine Star announced that Bangko Sentral ng Pilipinas (BSP) has allowed two digital currency organizations licenses to work bitcoin trades. At the FinTech Thought Leadership Roundtable Series exhibited by FINTQ, Nestor Espenilla Jr., legislative head of BSP, talked about the sensational development of the digital money industry and accentuated the significance of oversight.
In January 2017, BSP issued Circular 944, giving rules to cryptographic money trades. With a specific end goal to offer digital money trade administrations, organizations must enlist as settlement and exchange organizations working as VC trades.
Espenilla likewise communicated worries about mechanical security, a noteworthy issue as the volume of cryptographic money trade develops. The BSP will soon discharge new direction on its data innovation hazard administration structure (Circular 808).
Secured the BSP’s direction to forestall virtual money tax evasion and fear based oppression financing.