The Philippine Central Bank, Bangko Sentral ng Pilipinas (BSP), Reports the daily newspaper Philippine Stars, according to two new crypto exchanges allowed. In order for the Exchanges to obtain the authorization of the transactions between the Philippine Peso and crypto-currencies.
As the Deputy Governor of the Philippines, Chuchi G. Fonacier, has recently declared, have accepted the Central Bank of the country the applications of the two platforms. The two new companies make to the already existing crypto exchanges Rebittance Inc., Betur Inc. and bloom solutions competition. According to the news Agency’s Business World, the conversion of Philippine Pesos in virtual Cash has increased during the past years.
Currently, there are on the island state of 29 applications for the exchange of crypto-currencies. The total value of all transactions amounted in the first quarter of 2018, 36 million US dollars per month. Fonancier said in addition, the Supervisory authority should not be permitted to undertake in the future, the applicant to extensive approval procedures, to facilitate the entire process as a whole.
Government of the Philippines is pursuing cyber criminals
However, the Central Bank of the country to the potential risks in terms of volatility, and crime is critical. Like BTC-ECHO recently reported, wants to approach the legislature harder against crypto-crime. A Senator had submitted a relevant application, in which you can increase the penalties for criminal activity related to Bitcoin & co. have asked.
It is often for the authorities difficult to punish such crimes. Therefore, it is essential to increase the penalties for such offences. The Severity of the Offense is to be measured, what is the value of money in Philippine Pesos had been at the time of the murder. As long as the corresponding amounts in a respective crypto-currency is not a Defrauded is entitled, should the state be able to collect this.
Special cryptographic zone planned
In the Northern country of the Philippines to share the Cagayan Special Exonomy Zone is to be created through special efforts, a potential node for Blockchain Startups, and a “Fintech-City”. The Cagayan Special Exonomy Zone, which is managed by the state trading Agency, is to be the home for a period of 25 trading platforms. Accordingly, the tax case law in this Region is particularly indulgent.