We just got our Virtual Currency Exchange License from the Bangko Sentral ng Pilipinas
We got our license!
SCI’s wholly owned subsidiary, Rebittance Inc., is one of the first two Philippine companies to be granted a Virtual Currency Exchange licenses by the Bangko Sentral ng Pilipinas (BSP).
It’s a welcome development in the growing cryptocurrency industry, both locally and globally. Only two companies in the Philippines have been issued a VCE license so far since BSP Circular no.944 came out in early 2017.
SCI and The BSP started a dialogue in late 2014 when the company’s founders approached the Central Bank about the best way to approach regulations. With the cooperation of the major players in the Philippine Bitcoin industry, as well as the efforts of its BSP counterparts, they made sure that the new regulations had the best interests of the industry, consumer, and the nation in mind.
Thanks to the forward-thinking technical working group that comprised of key departments in the BSP working together with SCI and other bitcoin companies, the Philippines now has one of the world’s first government-regulated virtual currency industries. This will surely open a lot of doors for more businesses to adopt this technology, allowing for a more financially inclusive environment that will foster innovation and make the Philippines a global player in this fast-growing industry.
BSP also issued a Remittance license to SCI as part of the process.