2 New Crypto Exchanges Approved by the Philippines

The central bank of the Philippines, or Bangko Sentral ng Pilipinas (BSP), has recently approved two new companies, one Philippino and one Japanese, to carry out conversions between Philippino pesos and cryptocurrencies, or in other words, to conduct cryptocurrency exchanges. This brings the number of approved crypto exchange companies in the Philippines to 13, amongst which are Betur Inc, Rebittance Inc, Boom Solutions, Virtual Currency Philippines, and others.

The two newly induced companies are Atomtrans Tech Corp. International, a Philippino based financial services firm, and Telcoin Corporation with Tokyo as their base of operation.

Atomtrans expands its services in the crypto derivatives business with Atomtrans Tech Corp Digital Currency Exchange. The firm has also signed a cooperation agreement with China UnionPay and the Union Bank in the Philippines and posses a Philippine central bank license, and the company is currently representing the Philippine-China remittance products.

The Japanese owned Telcoin Corp. works in the mobile services providers, and provides and maintenance a Ethereum blockchain in order to facilitate transactions.

The crypto market in the country has exponentially grown with each coming year. In 2018 the BSP calculated that crypto exchanges turnover amounted to $390 million while the previous year that number was almost cut in half, approximating $189 million. Furthermore, in light of these numbers, the country has taken the necessary precautions to regulate its crypto exchage industry by issuing an official guideline that is backed by the local government.