Phillipines Central Bank considers Bitcoin regulations

Bangko Sentral ng Pilipinas (BSP) and local authorities plan on creating standards for regulating digital assets like Bitcoin
21 December 2017   547

Currently BSP is already closely watching ICOs, even to the point of cooperating with US SEC unit. And now they are considering to extend the control to digital assets, namely Bitcoin, implementation by local businesses and virtual exchanges.

BSP Deputy Governor Chuchi Fonacier said during the interview that currently they will focus on exchanges, but there is a possibility of Bitcoin itself being a focus of upcoming regulatory laws.

While BSP is open to innovation and quite liberal with virtual currency trading, the new regulations will focus on the crypto to fiat exchanges. So far BSP is reviewing applications for licensure of digital asset operations. Twelve companies have already applied for such licenses, with five more added just recently to list of applicants. And two trading and exchange platforms have been approved by now: and Rebittance.

Philippines Central Bank, according to Fonacier, will very carefully consider any shift in current balance, because while cooperation with SEC would smooth over some of the possible problems, the investments into Bitcoin are already a thing and nothing can change it.

So, to sum it up, the point of new regulations for the time being will be in BSP monitoring only exchange from cryptocurrencies to USD or another government-issued currencies, while anything else will have to wait for a more established legislative and regulatory base, so not to disrupt already-established investments in virtual currencies.

BitPay to Receive New York's BitLicense

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers
17 July 2018   101

The well-known cryptocurrency processing service BitPay obtained a license to work with virtual currencies in the state of New York. Known also as BitLicense, this license is issued by the New York Department of Financial Services (NYDFS) and grants its holders the ability to conduct activities related to cryptocurrencies in the state.

NYDFS has carefully studied the company's application, including its policy on measures to combat money laundering, customer identification, fraud prevention, cybersecurity. The financial situation of the company was also thoroughly analyzed.

New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay.

Stephen Pair

CEO, BitPay

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers: the first will be able to use the company's processing services to accept payments in Bitcoin and Bitcoin Cash, the latter will pay for various goods and services using these two BitPay supported cryptos.

Note that BitPay was only the eighth company that received BitLicense. Other license holders are Square, Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, Ripple and Circle. In addition, special permissions for operations with crypto-currencies are exchanged by Gemini and itBit.