BSP: More Companies Apply for PH Virtual Currency Exchange License

[theyoungmillionaire]

BSP: More Companies Apply for PH Virtual Currency Exchange License
The number of virtual currency exchange applications have increased, according to the Bangko Sentral ng Pilipinas.

Many companies are seeking the approval of the Bangko Sentral ng Pilipinas to operate as a virtual currency exchange in the Philippines.

According to BSP Director Chuchi Fonacier, the number of applications has expanded to 29. All are currently in various processing stages. For example, some applications are awaiting requirements submission while some are about to present their business models.

This number has increased from 12, which was disclosed by the BSP in December 2017. So far only Betur Inc, which operates Coins.ph, and Rebittance, which runs Rebit.ph have a license to operate as a virtual currency exchange.

The news comes on the heels of another public reminder from the BSP on the risks involved with virtual currencies. In a media release, the regulator discussed the two sides of virtual currencies. While it noted their benefits when it comes to remittances, it also mentioned the risks and how it can be used for illegal activities.

With the rise of cryptocurrency transactions, the BSP released Circular 944 in February 2017. The circular detailed guidelines for how virtual currency exchanges should operate in the country.

Before the circular was released, the BSP held talks with players in the space to discuss correct regulation that should apply, and which must be different from how banks are regulated.

From data gathered by the regulator, virtual currency transactions have reached $8 million per month for the first half of 2017.

Read More: Rebittance Inc (of SCI Ventures) Acquires BSP License

Source
Be Positive

[elbimbo012]

if ever ma approve kahit kalahati lng ng 29 lets say 14 or 15 napakadaming exchange for sure pababaan ng transaction fee yan para makaakit nf trader which is good for small trader like me. nakikita ksi nila malaki ang kikitain pag nag patakbo ng crypto exchange i hope na secure ung trading platform para iwas hacked at glitched.

[theyoungmillionaire]

if ever ma approve kahit kalahati lng ng 29 lets say 14 or 15 napakadaming exchange for sure pababaan ng transaction fee yan para makaakit nf trader which is good for small trader like me. nakikita ksi nila malaki ang kikitain pag nag patakbo ng crypto exchange i hope na secure ung trading platform para iwas hacked at glitched.

Ang transaction fee kasi depende din sa miner fee, price ng bitcoin & sa gumagamit ng platform, more users mas kailangan ng system na makasabay sa patuloy na gumagamit ng exchange nila kaya dun tumataas ang fee... more users=more fee to sustain yung system nya and mapanatili ang quality & efficient trading exchange.

[bL4nkcode]

if ever ma approve kahit kalahati lng ng 29 lets say 14 or 15 napakadaming exchange for sure pababaan ng transaction fee yan para makaakit nf trader which is good for small trader like me. nakikita ksi nila malaki ang kikitain pag nag patakbo ng crypto exchange i hope na secure ung trading platform para iwas hacked at glitched.

Ang transaction fee kasi depende din sa miner fee, price ng bitcoin & sa gumagamit ng platform, more users mas kailangan ng system na makasabay sa patuloy na gumagamit ng exchange nila kaya dun tumataas ang fee... more users=more fee to sustain yung system nya and mapanatili ang quality & efficient trading exchange.

There's no related connection ang transaction fee sa numbers ng users in any exchange platforms, some exchanges ay ng s'set ng minimum fee for outgoing transaction/withdraw depende sa status ng blockchain, if its congested or not. At hindi na s'sustain or kumukuha ang mga exchanges sa transaction fee sa mga users nito. Instead, they take fees when their users buy and sell coins/altcoins minsan na sa baba ng 1% yan or much worse if mataas pa sa 1%.

And to OP, will it be nice para mas mataas ang competition ng mga exchange at people may choose depende kung gaano ka customer-friendly services nila and also for cheaper fees when converting crypto to fiat, masyado kaseng mataas fee ng coins.ph kesa sa ibang exchange/services.

[darkangelosme]

BSP: More Companies Apply for PH Virtual Currency Exchange License
The number of virtual currency exchange applications have increased, according to the Bangko Sentral ng Pilipinas.

Many companies are seeking the approval of the Bangko Sentral ng Pilipinas to operate as a virtual currency exchange in the Philippines.

According to BSP Director Chuchi Fonacier, the number of applications has expanded to 29. All are currently in various processing stages. For example, some applications are awaiting requirements submission while some are about to present their business models.

This number has increased from 12, which was disclosed by the BSP in December 2017. So far only Betur Inc, which operates Coins.ph, and Rebittance, which runs Rebit.ph have a license to operate as a virtual currency exchange.

The news comes on the heels of another public reminder from the BSP on the risks involved with virtual currencies. In a media release, the regulator discussed the two sides of virtual currencies. While it noted their benefits when it comes to remittances, it also mentioned the risks and how it can be used for illegal activities.

With the rise of cryptocurrency transactions, the BSP released Circular 944 in February 2017. The circular detailed guidelines for how virtual currency exchanges should operate in the country.

Before the circular was released, the BSP held talks with players in the space to discuss correct regulation that should apply, and which must be different from how banks are regulated.

From data gathered by the regulator, virtual currency transactions have reached $8 million per month for the first half of 2017.

Read More: Rebittance Inc (of SCI Ventures) Acquires BSP License

Source
Be Positive

Wow napaka nice na balita nyan sir sa mundo ng cryptocurrency world ibig sabihin nyan unti unti na talagang dumarami dito sa pinas ang may alam kung ano ba talaga ang cryptocurrency. Plus factor pa jan ang kompetensya ng mga kompanyang yan sa sa mga customers nila, kung sino yung mas mababa ang fees ay yun ang mas tatangkilikin ng mga tao. GOOD JOB BSP!!!!

[VitKoyn]

Sa dami ng nag aapply na cryptocurrency exchanges dito, siguro naman kahit konti may makakakuha ng license diyan, and kung mangyayari yan magkakaroon na ng competition at yung napakalaking spread ng coins.ph sa exchange ng Bitcoin tingin ko bababa yan. This is good kasi dumadaan sa regulation ng BSP lahat. And although satisfied naman ako sa service ng coins.ph mas maganda parin na may pagpipilian and choose the best exchange na mag fifit sayo.

if ever ma approve kahit kalahati lng ng 29 lets say 14 or 15 napakadaming exchange for sure pababaan ng transaction fee yan

Bro mali ka dito, ang mga transaction fees ay hindi kontrolado ng mga exchange, depende yan kung gaano karami ang transactions na nangyayari the time na mag transact ka ng Bitcoin. Kung maraming transactions na hindi pa nakoconfirm mas tataas ang transaction fee and kung konti lang siyempre mababa din ang miners fee.