MANILA – The Philippines has finally entered the cryptocurrency exchange scene.
With the Bangko Sentral ng Pilipinas (BSP) finally approving applications for PH cryptocurrency exchanges, digital fintech companies are using it to their full advantage. Companies like Coins.ph, Satoshi Citadel and Tagcash, among others, plan to make their own cryptocurrency exchanges in the country.
Coins was one of the first, with CX Asia which launch a few months ago. It’s a direct cryptocurrency exchange with BTC-PHP pairing. You can login and check it out here. It also has Litecoin (LTC), Bitcoin Cash (BCH) and (just recently) Ethereum (ETH) and PHP pairs.
Other virtual currency companies are following suit. With Satoshi Citadel also working on a digital currency exchange, while TagCash expects its own exchange to be up soon, which is currently on Beta. As of this writing other players also plan to set up their own exchanges, but the biggest digital currency players in the country have a headstart. Hopefully, overtime, ERC20 tokens and decentralized exchanges also enter the space.
With the government giving a certain focus on the potential of cryptocurrency (such as the Cagayan Economic Zone Authority, for example), the BSP has started green-lighting virtual currency activities again, after a period of caution and inaction, and allowing entities (like banks and financial institutions) to transact with cryptocurrencies, as long as they meet regulatory standards.
Hopefully this is a positive signal for blockchain technology in the country, and a potential investment window for international investors seeking an alternate place to do blockchain related business, as the country is one of the more friendly and regulatory-free places in the world.