India needs to learn from this incredible news from Philippines where the central bank, the Bangko Sentral ng Pilipinas has 11 crypto exchanges registered with it and the government-owned Cagayan Economic Zone Authority has managed to registered another 37 crypto exchanges with it.
This takes the grand total to 48 which is freaking awesome all things considered. Here we're still figuring out if cryptos are a real thing or not. They are as real as it can be and many countries all over the world are giving them the attention that's duly required.
According to a statement from the central bank BSP-registered VC exchanges are now required to put in place adequate safeguards to address the risks associated with VCs such as basic controls on anti-money laundering and terrorist financing, technology risk management and consumer protection.
Crypto ATM operators need to register themselves with the bank before enabling such a service but beyond that these endeavours are possible.
In India, our media misreported a cash deposit machine installed in Bangalore on a test run basis by Unocoin as a Bitcoin ATM leading to arrest of its co-founders before they were released. You can read about it in my report here.
According to Odeybit on June 17, CEZA revealed that 37 companies are currently licensed under its “Financial Technology Solutions and Offshore Virtual Currency Exchange (OVCE) Business Rules and Regulations of 2018.” There are two types of licenses. Twenty-four companies have been granted the OVCE Principal license and 13 companies the OVCE Regular license. The former allows licensees to conduct offshore fintech business and crypto exchange activities; the latter allows licensees to conduct only offshore crypto exchange activities.
All said and done this is fantastic news for citizens of Philippines from a crypto trading perspective. It's a good move from the government and I sincerely hope Indian government takes some progressive steps for us here in India. So many things to learn for our government from these moves from SE Asian countries in the crypto space.
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