In 2014, when virtual currencies began to be used in Philippines, Bangko Sentral made a statement that these funds were not subject to any regulation by the authorities. At that time, crypto-currencies were defined type of money that had no guarantees and was not issued by the Central Bank, and which could be used to pay for real services and goods. Today, entrepreneurs can obtain such an official document as a crypto license in Philippines and develop their deals in this direction.
Any firm carrying out fiat-to-crypto exchange and vice versa can obtain cryptocurrency License in Philippines. On exchange, people can convert, cash out and perform some other operations with crypto assets.
Certification of such a company is performed in two stages.
In frame of first stage of getting VASP license in Philippines, applicant must submit the following:
If the applicant does not pass the verification at the first step, he/she receives a corresponding refusal notification from Bangko Sentral. If application for licenses for cryptocurrencies in Philippines is approved, next package of documentation will need to be sent to complete the certification process:
Holders of VASP licenses in the Philippines must have a minimum capital of fifty mln pounds. Registration fee is 100 thousand.
Philippines VASP license also claims organizations to commit to protecting consumer privacy and ensuring that the platforms and mechanisms implemented are safe to use. Fees and commissions for using these platforms should be made known to customers, as well as the risks that may arise when dealing with virtual assets.
Getting a cryptocurrency license and launching business in Philippines may be associated with a number of nuances regarding regulative framework of state. Results of ignorance regarding this or that aspect may be a refusal to issue a license. To avoid unpleasant consequences, contact our team. We’ll help you choose a ready-made licensed structure and give you full assistance at every stage of the transaction. Our experts have vast experience in this field and are ready to share it with you.
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