Philippines Stops Licensing Crypto Business Until 2025
Main page News, Philippines, business, Crypto Market, Regulations

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.

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

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."

The Central Bank of Philippines Considering to Issue Its Own Digital Currency

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."

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

Read also:
Please describe the error