Philippine Central Bank Sees Few Applicants for Crypto Exchange License

Jul 27, 2017 at 10:00 UTC
Updated Jul 27, 2017 at 10:08 UTC
NEWS

The central bank of the Philippines has seen little interest from exchanges after instituting a new regulatory framework for digital currencies, according to a recent report.

In an interview with domestic publication Business Mirror, Chuchi Fonacier, who works for the supervision and examination division of the Bangko Sentral ng Pilipinas (BSP), remarked that “less than 10” applications have been submitted since those new rules went into effect in February.

That month, the BSP stated that companies seeking to start a cryptocurrency exchange service in the country must apply for a license and adhere to anti-money laundering and know-your-customer requirements.

Still, Fonacier’s statements indicate that the response has underwhelmed the regulator.

“We have reviewed the business models of some of the applicants and are awaiting their submission of additional requirements,” Fonacier said.

Another potential factor is that besides the license and registration process, BSP is requiring that exchanges periodically submit reports in order to keep close eyes on the trading volume and use of cryptocurrencies in the country.

While no other additional regulations are being considered at this point, Fonacier said the BSP will “continue to monitor developments in this area and stand ready to take appropriate action on significant risks that may arise.”

Philippines image via Shutterstock