After several pronouncements by the Banko Sentral ng Pilipinas (BSP) recognizing the potentials of cryptocurrency and its underlying technology — the blockchain to revolutionize financial services, blockchain-related companies rushed to position themselves to occupy the growing Philippine market.
This positive outlook by the BSP was also bolstered, when the Cagayan Economic Zone Authority (CEZA) a government-owned and controlled corporation (GOCC), announced to open the Crypto Valley of Asia (CVA), earlier this year. According to CEZA, the building of CVA is part of the government’s bid to foster financial technology ecosystem in the country, and to attract international blockchain related companies to set-up their offices, and showcase their technology to find a use-case in the Philippine settings.
Now, another Philippine-based cryptocurrency exchange gets BSPs approval after proving compliance to the established cryptocurrency exchanges guidelines released by BSP in 2017.
PDAX Get BSP Approval
The Philippine Digital Asset Exchange (PDAX) announced on their website that the Banko Sentral ng Pilipinas has granted their application to operate in the Philippines, and to use Philippine peso (Php, fiat currency) in exchange with cryptocurrencies, tokens, and other forms of virtual currency (VC).
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“This is an exciting time not just for seasoned cryptocurrency traders, but also for everyone who believes that the future of investing is digital,” PDAX CEO Nichel Gaba’s statement published on their website. “With the approval granted to us by the BSP, we hope to make financial markets more accessible to everyone,” he added.
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PDAX offers a platform for trading cryptocurrencies like Bitcoin and other digital assets directly with Philippine Peso — thereby easing the costs and difficulties that many Filipino crypto-traders are currently forced to deal with. Through its partnership with major local banks and payment service providers, PDAX also affords its clients the convenience of cashing in and out of their account wherever they are and whenever they need to.
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Among the first cryptocurrencies that PDAX has listed are Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and Litecoin (LTC). More locally in-demand coins will be made available on the platform in the coming weeks, according to their published blog post.
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PDAX is now holding a private beta that gives a pre-qualified community of traders an early and exclusive access to their platform.
