The Bangko Sentral ng Pilipinas (BSP) has approved the accreditation of two new virtual currency exchanges, bringing the total number of regulated crypto exchanges in the country to five.
In a statement released by Deputy Governor Chuchi G. Fonacier, the BSP announced that it has granted operating approval to Virtual Currency Philippines, Inc. and ETranss to carry out conversion of Philippine pesos (PHP) into virtual digital currencies.
The unrivaled enthusiasm for crypto-based innovation at a time when many regulators continue to view it as a competitor, can be traced to the economic knock-on effect it is having on the Philippine economy. Long seen as an ossified economy where people had little choice but to emigrate in search of opportunities, the Philippines is now witnessing a financial industry boom fueled by crypto.
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