The Central Bank of the Philippines has recently decided to allow two new companies to operate as cryptocurrency exchanges within its boundaries. Now, Telcoin Corpl and Atomtrans Tech Corp will both be able to offer its services in the country.
Telcoin is a technology company based in Japan while Atomtrans is a Phillipino one. The Japanese company uses and Ethereum-based platform and has a strong mobile market in Japan. The other one is focused on remittance and payment systems and has important partnerships with Chinese companies.
With these two new companies, the country will have 13 of them. While the Philippines can still be considered somewhat of a small market, the truth is that it has been growing a lot lately. In 2017, the country transacted around $189 million using crypto while in 2018 the numbers were over $390 million USD, basically the double of what it was a year before.
Because of the high usage of these tokens, the crypto industry needs to be regulated in the country and that is where the central bank comes in. For instance, the government has issued the guidelines for ICOs this year, in order to show companies how they can offer the assets in a fully compliant way.
Other crypto-related initiatives in the country include the recent plans to launch a central bank-backed crypto. It looks like the plans did not bear fruit, however, as they were recently abandoned by the central bank of the country.