The Philippine central bank has not received an application for an encrypted currency trading license


nnnThe Philippine central bank’s new digital monetary regulatory framework has been in force for nearly six months, but did not receive encrypted currency trading services company’s trading license application, so that regulators are very disappointed. Perhaps this is because the central bank requires regular reporting, encrypted currency transactions must be closely monitored.n
nnTranslation: Annie_Xun
nRecent reports show that the Philippine central bank proposed a new digital currency regulatory framework, the Exchange interest.n
n(Business Mirror) interviewed by Chuchi Fonacier, head of the central bank (BSP, Bangko Sentral ng Pilipinas), and noted that “less than 10” exchanges were filed after the February regulations came into effect.n
nBSP said that domestic companies that want to make a currency trading service must apply for a license, comply with anti-money laundering and understand customer requirements regulations.n
nFonacier’s statement showed that the response received was disappointing to the regulator.n
nn”We looked at some of the applicant’s business model, waiting for them to submit other requests.”n
nnIn addition to licensing and registration processes, another potential factor is that BSP requires the exchange to submit reports on a regular basis, paying close attention to the amount of encrypted currency transactions and their use in the country.n
nDespite the lack of other regulatory measures at the moment, Fonacier said, BSP will “continue to monitor the development of the field, ready to take significant measures to take significant measures.”n

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