Cryptocurrency companies that were hoping to register business in the Philippines now have to seek another safe harbor as the country's has central bank has announced a moratorium for three years on license applications starting September 1.
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The Bangko Sentral ng Pilipinas (BSP) said in a moratorium that with the suspension it wants to find a balance between promoting financial innovation and ensure that risks remain in "manageable levels."
BSP Governor, Felipe Medalla, said in a statement that the central bank decided to make this step in response to "recent market developments." Those companies that will have incomplete application as of August 31, 2022, will be classified as "closed."
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