Cryptocurrency exchanges in the Philippines do not rush into getting a license

After the Central Bank of the Philippines, or Bangko Sentral ng Pilipinas (BSP), implemented some new laws and regulations of cryptocurrency circulation in February, one of them being the mandatory licensing regime for cryptocurrency exchanges, there wasn’t much of an overflow of applications, Coindesk reports.

According to the BSP’s employee, who works in the supervision and examination division, currently there has been received less than 10 applications. The documents submitted by some of the applicants have already been processed, the BSP is awaiting additional documents it has requested.

Apart from registration and licensing in the Central Bank, the cryptocurrency exchanges will have to send the reports on the state of their business to the regulator, thus ensuring the BSP’s ability to keep track of the trading volume and control the circulation of cryptocurrencies in the country.

The Central Bank of the Philippines aims to continue observation of this sphere and take necessary measures should any significant financial risks emerge.