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Manila Bulletin devider devider BSP grants first license to virtual currency exchange operator

BSP grants first license to virtual currency exchange operator

Published Sep 15, 2018 12:00 am
By Bernie Cahiles-Magkilat The Bangko Sentral ng Pilipinas (BSP) has granted Philippine Digital Asset Exchange (PDAX) to become the first crypto-trading platform built specifically for Filipinos.   Bangko Sentral ng Pilipinas (BSP) logo The license, which was granted after PDAX proved to be compliant with the guidelines set in the BSP Circular No. 944, series of 2017, allows PDAX to facilitate the exchange of Philippine Peso with cryptocurrencies, tokens, and other forms of virtual currency (VC). The guidelines in Circular No. 944 require VC exchanges to prevent money laundering and protect customers from illegal financial activities. The prescribed measures that VC exchanges must take include registering with the Anti-Money Laundering Council (AMLC), having adequate risk management and security control systems, adhering to the BSP’s transaction requirements, and paying registration and service fees. “This is an exciting time not just for seasoned cryptocurrency traders, but also for everyone who believes that the future of investing is digital. With the approval granted to us by the BSP, we hope to make financial markets more accessible to everyone,” Nichel Gaba, CEO of PDAX,said. PDAX offers a platform for trading cryptocurrencies like Bitcoin and other digital assets directly with Philippine Peso — thereby easing the costs and difficulties that many Filipino crypto-traders are currently forced to deal with. Through its partnership with major local banks and payment service providers, PDAX also affords its clients the convenience of cashing in and out of their account wherever they are and whenever they need to. Among the first cryptocurrencies that PDAX has listed are Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and Litecoin (LTC). More locally in-demand coins will be made available on the platform in the coming weeks. PDAX is now holding a private beta that gives a prequalified community of traders an early and exclusive access to its platform. To find out more about PDAX, visit www.pdax.ph. PDAX is an order-book exchange aiming to provide all Filipinos with an ability to growth their wealth. The platform provides a safe, secured and efficient way to invest in digital assets directly with Philippine peso at globally competitive prices in real time. Among the first cryptocurrencies that PDAX will list on its platform are Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and Litecoin (LTC).
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