Philippine Central Bank Halts Bitcoin, Crypto Service Provider Approvals For Three Years

Philippine Central Bank Halts Bitcoin, Crypto Service Provider Approvals For Three Years
фото показано с : bitcoinmagazine.com

2022-8-11 17:53

The central bank stated virtual asset service providers pose a great risk but will allow existing businesses to continue operations or expand.

The central bank of the Philippines will not accept applications from virtual asset service providers for three years.The bank claims the institutions pose varied risk to financial stability.Previously existing service providers can still expand operations and continue operating based on regulatory compliance.

The Bangko Sentral, central bank of the Philippines, will close the door to all virtual asset service providers (VASPs) seeking a license to operate in the country starting September 1, per an announcement from the bank.

VASPs that have submitted an application and completed the second stage of approval prior to August 31 will still be processed and considered for approval. Additionally, VASPs previously approved will be able to continue operation and submit for renewal as needed. However, if applications do not meet the final stage of requirements from the central bank by August 31, the window for approval will lock shut for the aforementioned three years.

Meanwhile, if a VASP looks to expand its operations, including non-custodial services, it will need to have a rating of “stable” composite from the Bangko Sentral of the Philippines Supervisory Asset Framework and be currently listed as a supervised financial institution.

“The Bangko Sentral aims to strike a balance between promoting innovation in the financial sector and ensuring that associated risks remain within manageable levels,” stated the central bank in the release.

Indeed, financial regulators have become increasingly wary since a market contagion swept through the broader cryptocurrency ecosystem. As financial institutions faced liquidity crises and bailouts became a regular conversation, some nation-states have taken measures in an attempt to maintain consumer confidence.

In spite of regulatory pressures, the Bangko Sentral recognizes, at least in part, that there is wide demand for bitcoin and other cryptocurrencies. In fact, last year, the central bank released a survey showing that 53% of the country's population, or 36 million people, were unbanked.

“In this light, the Bangko Sentral recognizes that as VAs offer opportunities to promote greater access to financial services at reduced costs,” said the central bank.

However, the Bangko Sentral reiterated that “they also pose varied risks that may undermine financial stability.” 

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Speed Mining Service (SMS) на Currencies.ru

$ 1.9622 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $1.9622 - H: $1.9622
Капитализация $205.406k Rank 99999
Доступно / Всего 104.68k SMS

service bank central allow risk great existing

service bank → Результатов: 126


Banco Rendimento Becomes First Bank To Run Entirely on RippleNet Cloud

Banco Rendimento, one of the top volume producing banks in Brazil, has become the first RippleNet member to shift its RippleNet operations to the Ripplenet Cloud completely. Cloud technology has found a lot of relevance recently as it offers uninterrupted connectivity between the service provider and the customer no matter irrespective of their geographical location. […]

2020-6-18 19:27


Фото:

European Bank Ditches SWIFT for USDC Stablecoin Citing Faster Transaction Settlement

A leading European blockchain bank – Bank Frick – is mulling ditching SWIFT for Circle’s USDC stablecoin to execute and settle payments more efficiently, Decrypt reports, June 10, 2020. Bank Frick Embraces Stablecoin USDC Liechtenstein-based Bank Frick the time-tested international interbank settlement service SWIFT for Circle’s USDC stablecoin.

2020-6-12 17:00


MoneyGram to Offer Direct Deposits in India Via Federal Bank; Both Members of RippleNet

MoneyGram will now offer direct deposits to India following its partnership with Federal Bank, one of the leading financial institutions in the country. According to a recent announcement by the payment system service provider, this alliance will be strategic in offering its Indian clients an account credit option via the Federal Bank. The MoneyGram announcement reads, […]

2020-5-16 19:13


Фото:

Rupiah Token (IDRT) Stablecoin Got Listed on Instant Cryptocurrency Exchange Service Changelly

Rupiah token (IDRT), the most adopted Indonesian stablecoin, got listed on the non-custodial cryptocurrency instant exchange Changelly. com. The token backed by Indonesian national currency is now available for instant exchanges from and into 150+ cryptocurrencies listed on the Changelly platform and can be purchased with a bank card for US dollar (USD), Euro (EUR) andRead MoreRead More.

2020-4-30 19:00


Western Union Testing and Considering Using Ripple (XRP) for Cross-border: Credit Suisse Research

According to the research by investment bank Credit Suisse, the international money transfer service provider, Western Union is currently testing and considering the usage of Ripple (XRP). The report from late January 2020 reads, “Western Union: Testing and considering use of Ripple (XRP) for cross-border (Ripple has made a $50mm investment in Western Union competitor, […]

2020-4-14 18:27


South Korea May Get A New Crypto Custodian After Largest Bank Files Trademark App

KB Kookmin Bank, the largest bank in South Korea, is preparing to launch its cryptocurrency custody service as soon as possible. As per the local news outlet Digital Today reported on March 27, KB Kookmin Bank filed a KBDAC trademark application in which it referred to the Digital Asset Custody subsidiary it proposed in January, […]

2020-3-27 18:10


RippleNet Power User SBI Remit Partners With Japan’s Fukushima Bank To Boost Remittances

SBI Remit a money transfer service that’s powered by Ripple has announced a partnership with Japan-based Fukushima Bank. The bank will now be in charge of SBI’s international remittance services. SBI’s commitment to prioritizing the adoption of new technologies is evident as they have already adopted Ripple’s distributed ledgers. This according to them will make […]

2020-2-28 17:14


Japan’s Second Biggest Bank Joins SBI Holdings By Investing In Ripple-Powered MoneyTap

Japan’s second-biggest banking institution has teamed up with SBI Holdings to develop a financial service platform that will be based on blockchain, Japanese based Nikkei reports. Sumitomo Mitsui Banking Corporation (SMBC) is set to deposit money in Japanese financial conglomerate in efforts to enhance the utilization of distributed ledger technology (DLT) within the trade finance […]

2020-1-31 02:12


Kucoin Now Supports GBP and AUD Fiat Deposits via Banxa Partnership

Starting with November 26th, the IDG-backed cryptocurrency exchange KuCoin and the fiat on-ramp Banxa service are partnering up to offer KuCoin users instant fiat to cryptocurrency conversions. The partnership will make it possible for KuCoin clients to make bank transfers, credit or debit card payments or through the 1,200-newsagent network in the British Pound (GBP) […]

2019-11-27 20:13


Ripple Partner Banco Santander to Run its Blockchain-based Payment System on 6 More Corridors

In April 2018, Santander launched a foreign exchange service that uses the blockchain technology via Ripple to make same-day international money transfers. At the time, it said the service called Santander One Pay FX has been the first cross-border payments service using blockchain made by a bank. It went live in the UK, Span, Brazil, […]

2019-11-16 19:48


Synum Cryptocurrency Bank Acquires Singapore Banking License For Asset Management Service

Sygnum, the Zurich-based crypto bank, has been awarded a banking licence to provide asset management services in Singapore. Announcing the news to the world, the bank said it had successfully been granted a capital markets services (CMS) licence from the Monetary Authority of Singapore (MAS)Monetary Authority of Singapore (MAS) which is an equivalent of a […]

2019-11-1 01:33