The Philippines, officially the Republic of Philippines, is a unitary archipelagic country in Southeast Asia. The Philippines is the 63rd largest country in the world and 12th in terms of population.
The Philippines’ control over Bitcoin exchanges is performed by the Central Bank of the Philippines.
The economy is largely made up of manufacturing electronic products, transport equipment, petroleum and its products, and agricultural goods.
The economy of the Philippines is becoming more and more tech-oriented, even though 30% of the labor force is employed in the agricultural sector. Cryptocurrency in the Philippines is legal due to Circular No. 944 form, which established guidelines for Virtual Currency exchanges on June 2, 2017.
The Securities and Exchange Commission has been actively finalizing crypto guidelines. The country has an active crypto community, and one of its largest banks is already engaged in multiple crypto projects.
It requires businesses engaged in the exchange of cryptocurrencies for fiat money in the Philippines to register with the central bank as remittance and transfer companies.
The Union Bank of the Philippines (Unionbank), has engaged in a couple of crypto projects.
Also, the number of crypto exchanges has been increasing in the Philippines and here are the following:
- Virtual Currency Philippines Inc.
- Etranss Remittance International Corp.
- Fyntegrate Inc. Bitan Moneytech Co. Ltd.
- Telcoin Corp., and Atomtrans Tech Corp.
- Betur Inc.
- Rebittance Inc.
- Bloomsolutions Inc.
- Zybi Tech Inc., Bexpress Inc.
- Coinville Phils Inc.
- Aba Global Philippines Inc.,
Philippines’ Boxing Champion Manny Pacquiao also released his own Cryptocurrency
The Pac token will be listed on Singapore’s Global Crypto Offering Exchange (GCOX), paving the way for his fans to buy merchandise and interact with him via social media.
What’re your thoughts in the Philippines crypto space?
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