• November 24, 2020

The Philippines Approves Total of 10 Crypto Exchanges

The Philippines Approves Total of 10 Crypto Exchanges

The Philippines central bank has approved a total of 10 crypto exchanges. And Union Bank of the Philippines (UBP) has launched its first crypto ATM machine.

According to manilatimes, THE Bangko Sentral ng Pilipinas (BSP) is a central bank which has approved 3 more crypto exchanges to run in the Philippines. But before this, they have approved other crypto exchanges and today it makes a total of 10 crypto exchanges approved to run in the Philippines.

The three crypto exchanges approved newly was Bexpress Inc, Coinville Phils. Inc, and ABA Global Phils. Inc said Melchor Plabasan, officer-in-charge at the Technology Risk and Innovation Supervision Department of the central bank.

Rest of the crypto exchanges which has been approved by the central bank were ZyBi Tech Inc, Fyntegrate Inc, Betur Inc, Rebittance Inc, Virtual Currency Philippines Inc, ETranss and BloomSolutions.

We can see that the crypto community in the Philippines is growing and this approval shows the progress. Japan is another country which is approving several crypto exchanges. Last time we had seen Japanese regulators finish On-site inspection of 23 Crypto Exchanges.

First Crypto ATM in The Philippines

The largest bank in Philippines Union Bank of the Philippines (UBP) has recently added a Bitcoin ATM machine. This machines is located in Ark Makati City and is installed in the main branch of the bank.

The ATM machine can be currently used to buy and sell Bitcoin. And users will be able to withdraw the money to their UBP account.

The UBP bank has partnered with Coins.ph to carry the crypto transactions and facilitate the users to buy and sell cryptocurrency from the ATM machine.

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