The Philippine Digital Asset Exchange, the country’s first crypto-trading platform, obtained the approval of the Bangko Sentral ng Pilipinas to facilitate the exchange of Philippine peso with cryptocurrencies, tokens and other forms of virtual currency.
The BSP granted PDAX the license to operate virtual currency transactions, after the latter complied with the guidelines set under BSP Circular No. 944, Series of 2017.
“This is an exciting time not just for seasoned cryptocurrency traders, but also for everyone who believes that the future of investing is digital. With the approval granted to us by the BSP, we hope to make financial markets more accessible to everyone,” said PDAX chief executive Nichel Gaba.
The guidelines under Circular 944 require virtual currency exchanges to prevent money laundering and protect customers from illegal financial activities.
The prescribed measures also include registering with the Anti-Money Laundering Council, having adequate risk management and security control systems, adhering to the BSP’s transaction requirements and paying registration and service fees.