Two New Crypto Exchanges Approved By Philippines Central Bank According to a recent Business World report, the central bank of Philippines, Bangko Sentral ng Pilipinas (BSP), has approved two new crypto exchanges, this Friday. Speaking to reporters, Deputy Governor, Chuchi G. Fonacier said that the regulatory authority has approved the applications that were filed by Etranss and Virtual Currency Philippines Inc. to convert pesos into virtual currencies such as Ethereum and Bitcoin. This takes the number of approved crypto exchanges in the country to five. Betur Inc., also known as Coins.ph was the first exchange that was approved in September last year. A month later another exchange that was approved was Rebittance Inc. Earlier in May this year, Bloom Solutions was approved. It is the third crypto exchange operator in the Philippines. As a move against black money, the Philippines Anti-Money Laundering Council said that it will start to closely monitor all crypto transactions taking place in the country. Earlier the central bank proposed that crypto exchanges need to have separate licenses in order to operate as electronic issuers of money. The council is further analyzing if they need the exchanges to sign up as e-money issuers given the fact that they maintain e-wallets for their clients. Fonacier in her statement this Friday mentioned that according to internal consultations, it may not be advisable to simplify the registration process in a bid for these new players. She said that they are refining the rules further. According to Bitcoin News, crypto exchanges that are signing up as issuers of e-money need to have a minimum capital of 100 million pesos. Also, the existing BSP rules impose P100,000 as the aggregate load limit per month for e-money instruments. The government-owned Cagayan Economic Zone Authority (CEZA) announced last week that it is drafting regulations for cryptocurrencies. It is also planning to license around 25 crypto companies. Must Read recommended by The post Two New Crypto Exchanges Approved By Philippines Central Bank appeared first on OWLT Market.