Philippines' Central Bank Approves Two New Crypto Exchanges

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Philippines' central bank, Bangko Sentral ng Pilipinas or BSP, has accredited two new cryptocurrency exchanges.

According to BSP Deputy Governor Chuchi Fonacier, the bank has approved applications filed by Virtual Currency Philippines and Etranss. With this, both platforms can convert Philippine pesos into virtual currencies like Bitcoin and Ethereum.

The cryptocurrency transactions will be closely monitored by the Anti-Money Laundering Council with a view to tracking down black money.

The latest approval brings the number of total approved crypto exchanges to five, including earlier approved Rebittance, Betur and BloomSolutions.

The crypto companies are required to invest a minimum of $1 million over a period of two years and pay up to $100,000 in license fees.

Last week, Philippines government had announced its plans to grant license to up to 25 cryptocurrency exchanges for operations in a special economic zone. The state -owned Cagayan Economic Zone Authority or CEZA said each exchange would only have sub-licenses of as many as 20 to 30 traders or brokers.

At least 21 offshore financial technology firms are said to have signed memorandums of understanding so far.

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