Philippines to Stop Accepting Crypto License Applications for 3 Years, Says Regulator BlockBlog

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The central financial institution of the Philippines, Bangko Sentral ng Pilipinas, has announced that it will stop accepting crypto licensing functions for 3 years, starting next month. The central financial institution is the premier regulator of the crypto industry in the Philippines.

Philippines suspends acceptance of crypto license functions

The Philippines’ central financial institution, Bangko Sentral ng Pilipinas, announced on Wednesday that it will stop accepting new Digital Asset Service Provider (VASP) license functions for 3 years.

In a memorandum dated August 10, the central bank explained that it “aims to strike a balance between selling innovations in the monetary sector and ensuring that the associated risks remain within manageable limits.”

The central financial institution added: “The Bangko Sentral recognizes that as a VA [virtual assets] provide alternatives to advertise greater entry to monetary societies at reduced prices, in addition they present various dangers that will undermine monetary stability,” elaborating:

In this regard, the common utility window for all-new VASP licenses will be closed for 3 (3) years, starting September 1, 2022, subject to reassessment primarily based on market developments.

The central bank noted that current BSP-supervised monetary institutions that wish to develop operations by providing crypto companies, as well as custodial companies, should apply for a VASP license provided they have a composite framework rating. monitoring rating of at least “secure”. .”

The Bangko Sentral ng Pilipinas website reveals 19 accredited digital asset service providers as of June 30.

Last month, BSP Governor Felipe Medalla said he didn’t need to ban cryptocurrencies, but that they should be called cryptographic goods, not cryptocurrencies. He warned buyers not to put money they can’t afford to lose in crypto.

What do you think the Philippines is taking a three-year break from accepting crypto licensing duties? Tell us in the comments section below.

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Kevin Helms

Austrian economics expert Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His activities focus on Bitcoin security, open-source techniques, community outcomes, and the intersection between economics and cryptography.

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