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Philippines sees surge in cryptocurrency exchange applications

Philippines sees surge in cryptocurrency exchange applications

MANILA: The number of businesses applying to operate cryptocurrency exchanges in the Philippines has been growing as the sector gains popularity, a senior official of the Bangko Sentral ng Pilipinas (BSP) confirmed.

BSP Deputy Governor Chuchi Fonacier told local reporters over the weekend that the applications have become so many in the last couple of months. Investors are also having a great interest in virtual currency exchanges.

Since the beginning of 2018, cryptocurrency exchanges have had to face various regulations with many businesses either shutting down or thriving. Governments, central banks,and other institutions have set measures to regulate virtual currency exchanges across the world.Despite the growing scrutiny that cryptocurrencies have faced, the industry is still growing with more investors, buyers and entrepreneurs joining the virtual currency exchanges market.