Bankgko Sentral ng Pilipinas, hereinafter BSP, is officially regulating local Philippine Bitcoin exchanges as remittance companies and recognizing Bitcoin as a legitimate payment method.
Earlier this month, BSP Deputy Governor Nestor Espenilla announced the plans of the Philippine Central Bank to issue a proper regulatory framework for Bitcoin users, exchanges and companies. Espenilla emphasized the exponential growth of Bitcoin within the country, stating that monthly Bitcoin volumes increased from $1 mln to $6 mln a month in a year.
Guidelines for Virtual Currency (VC) Exchanges
Almost immediately after the announcement of Espenilla, the Central Bank of the Philippines released BSP Circular No.944 entitled “Guidelines for Virtual Currency (VC) Exchanges,” to provide clarity on the legality of Bitcoin exchanges.
In the document, BSP clarified that Bitcoin will still not be considered as an endorsement of the Philippine government nor a legal currency as it isn’t issued by the central bank. However, considering the benefits of Bitcoin as payment and remittance networks, BSP intends to regulate Bitcoin and Bitcoin startups as remittance companies.
As soon as the circular takes full effect within the next two weeks, Anti-Money Laundering (AML) and Know Your Customer (KYC) policies are set to be tightened for local Bitcoin exchanges and companies.
The circular read:
“The Bangko Sentral does not intend to endorse any VC, such as Bitcoin, as a currency since it is neither issued or guaranteed by a central bank nor backed by any commodity. Rather, the BSP aims to regulate VCs when used for delivery of financial services, particularly, for payments and remittances, which have a material impact on anti-money laundering (AML) and combating the financing of terrorism (CFT), consumer protection and financial stability.”
Growth of Bitcoin startups, relationship with regulators
Over the past two years, leading Bitcoin exchanges and service providers such as Coins.ph and Rebit.ph have maintained efficient and close relationships with BSP to ensure their operations are compliant with local regulations.
Coins.ph in particular collaborated with BSP to establish necessary AML and KYC systems for its operations. For high profile traders and investors, the Coins.ph legal team required the submission of licenses, government-issued IDs and face-to-face calls.
However, the new circular will create a more difficult environment and regulatory frameworks for companies like Coins.ph to deal with. Like New York’s BitLicense, Bitcoin exchanges and service providers will have to pay a registration fee and annual fee of $2,000. That is an initial fee of $2,000 and a recurring annual fee of another $2,000.
“A VC exchange shall obtain Certificate of Registration (COR) to operate as a remittance and transfer company […] The provisions of Subsec. 4511.N.2 on the issuance of Bangko Sentral COR, accreditation of remittance sub-agents, registration with the Anti-Money Laundering Council Secretariat and mandatory training shall also apply to VC exchanges. A VC exchange shall pay the registration and annual service fees as provided under Subsec. 4511N.8,” read the circular.
In other words, to be fully compliant with new regulations on Bitcoin, companies will have to apply for a license and be authorized to operate by the Central Bank of the Philippines.
For the long-term growth of the Bitcoin industry in the Philippines and mainstream adoption, the transparent and clarified regulatory framework for Bitcoin users and companies will ultimately be beneficial.
Feb-14-2017 10:43:00 PM
CELEBRATING 100-DAYS ONLINE !!!
Good day, all our investors!
Today is a great day, because TP FX PRO LTD. celebrating it's 100 days online! And we won't stop! We have made so many investors around the world so happy. We helped the reach them financial freedom. Could you ever imagine, that you will have opportunity to invest online and receive stable daily income without any loss or fear of loss ? Yes, it is possible, but only with TP FX PRO LTD.!
Phone support have been added today and now you are officially able to reach our phone operators and ask any question that you have! They will help to clear up all your questions with joy.
Our phone operator is available from 10:00AM till 18:00 PM by UK local time.
Phone number: +44 020 3287 8846
Have you seen what investors talking about TP FX PRO LTD ? Check our youtube channel right now by next provided link:
We would like to share with company achievement for today:
- Total invested: $4,500,000.00
- Total withdrawn: $1,000,000.00
- Total investors: 11557
TP FX PRO LTD. is your best option to invest online absolutely without any risk and loss. Become a part of most popular, most stable and most profitable investment company today and forget about your financial problems. And do you know why ?
Because with TP FX PRO LTD. you will find a financial freedom!
TP FX PRO LTD.
Feb-8-2017 08:56:57 PM
5Bit.biz is online and paying for 2 months, we want to sincerly say thank you for all investors and welcome all the new visitors. The development can not be so rapid without all your love and support.
And the coinpayment system recently can not return data in time, so 5bit.biz has changed the deposit way as you noticed, please do not be scared or worried if the deposit does not appear in time on your account. The Bitcoin deposit takes time to confirm and if it does not show, please be free to contact the livechat and also the support form.
Best wishes from 5Bit.Biz
Feb-6-2017 06:30:15 AM
In appreciation for the cooperation with us, we are happy to announce the launch of the first super promotion in the new year. Do you like gifts? We like! Nothing beats the excitement and adrenaline of the chase for the prize. Especially if the prize - a brand new iPhone 7 or Macbook Air! And we are ready to give them to you! To participate in the promotion from 1 st to 28 th of February you need to make an increase in the volume of the structure in the amount of 40 000 $ and you will guaranted to become the proud owner of iPhone 7! In the case of the gain in the amount of 50 000 $, you will get a gift - Macbook Air !!
The Edelweiss 5.
Feb-3-2017 08:52:34 AM
As feedback by our investor and verified by us, Financefreedom.biz had creased payment, stopped responding on support. We had shift it to scam listing on 3rd Feb 2017.
Feb-2-2017 01:51:23 PM
Today we have great news for all of you.
Our company TP FX PRO LTD. celebrating it's 91ST day since we opened doors to investors and people who is seeking for new possibility of earning. We receive so many greeting emails from our investors and customers and they are proud to be a part of successful investment company.
We have added some new video review's from our other investors, so you can listen their opinion about TP FX PRO. Next week will be added phone support and you will be able to reach our operators and ask them all questions that you have! They will help you 24/7 and don't forget about online support, who is also ready to help you!
Our popularity growing daily and here are achievements for today:
- Total invested: $3,500,000.00
- Total withdrawn: $700,000.00
- Total investors: 11370
We open new opportunity of getting extra stable income for your prosperity. Become a part of TP FX PRO team and change your life already today!
Your dreams come true with TP FX PRO LTD.
TP FX PRO LTD.
Jan-31-2017 11:02:35 AM
Welcome back to all the new and old partners of Xabo!
Today is quite an important mark in the platform’s history.
We are happy to announce that powerful milestone of “$10,000,000 invested” has being achieved!
With more than 41,000 active investors around the globe, united by the company’s idea of successful business, cryptocurrency & technologies, Xabo community growing exponentially, yet more landmarks we will set beyond the horizon!
Our tech team announced that recent website technical works, which some of you might saw, are all done together with useful updates.
https://xabo.io/testimonials and full history of all credited revenue day by day can be seen for at https://xabo.io/roi
Just check it out, it is an impressive record we have already!
Being your financial lighthouse Xabo helps you to spread the sails of your investment, live your life with joy, happiness, freedom.
We will finish this article with top FIRST 5 tips brought to you in order to work more efficiently and make your time with us enjoable.
Did you know that over 90% of all the investors on Xabo use Bitcoin successfully as their main currency?
Working tight with technology we constantly enhance your funds protection and security.
How to make your investment experience nice and clean? Discover important tips at:
First Community Experience
Joining Xabo you can always find the best partner to work with and good news, hundreds of trusted leaders are all ready assist you making your first success in Xabo. Find local Representative at:
Or learn more about an affiliate opportunities
Everybody need help, especially from the first steps. Trusted partnership comes with patience and cooperation.
Our Customer support work with many clients and you 24/7, sometimes we need your assistance as well.
If you haven’t being able to read an important article about Effortless Customer Support Communication, please do so at:
Big community needs a good care, from the face of the administration as well as it’s members. Thousands of investors get paid daily, and positive reviews can be the most rewarding moment for our team’s effort.
Be one of those who say something good at our Facebook Channel (Review section)
Or share your story from your personal account!
From Xabo, with Love and Professionalism
Jan-29-2017 11:46:37 PM
TenoProfit.com and VisionBTC.com had scammed and we had shift them to scam hyip listing. Do avoid depositing money over.
Jan-29-2017 11:42:56 PM
Hello admin of hyipreview.info,
We are glad to inform you about great news that we have started a new plan for you, now you are able to make money through 150% After 1 Day plan. All the withdrawals are instant as usual. You can make money without any hesitation.
Now a days, everyone want to make money through over the internet and people invest their saved money in different programs, We launched our program some days ago and we are on the No. 1 Investment program over the internet.
You can invest with trust and you can refer your friends and family members to our program, so they can also make money through Finance Freedom.
Finance Freedom is the best opportunity for you and others to make money online. Here, your investment grow with real business. We do business with your investments and making profits for you and for our company.
Please review the plans below:-
Happy Offer - 190% After 1 Day
150% After 1 Day
15% Daily For 9 Days
3% Hourly For 34 Hours
120% After 5 Days
145% After 10 Days
170% After 15 Days
1% Daily For 1500 Days
We are proudly accepting PerfectMoney, Payeer and Bitcoin.
Our minimum deposit starts with $10.
Make investment right now and start earning from the next hour.
Withdrawals are instant ( You can withdraw 1 time in a day / 24 hours).
If you are having questions regarding our program features, please do not feel hesitate to contact us.
Jan-23-2017 09:51:13 PM
Hello Everyone ,
It's been more than 154 days and tremendous response from all investors. INCOMEEX Ltd is working 24x7 to meet all the responsibilities to become number one investment program. As from the results its been a confirm statement that INCOMEEX has very bright future in the market. we are happy to see our hard work finally appreciated by all investors .
INCOMEEX Ltd is uk incorporated company with company number - 10579022 in company house uk .
We have 24*7 ddos protection that ensure security to member to INCOMEEX official website and also secure the member database. our SSL secured server also help you to see your account anytime anywhere over the internet .our Experts are working hard to provide what we promised and they have been succeed alot and as a result, INCOMEEX Ltd is growing each and every step.
Our support system is always ready to help you . If you have any doubt , you can ask us any time.
Jan-23-2017 09:47:49 PM