Eternity Law International News Crypto license in Philippines

Crypto license in Philippines

Published:
September 10, 2022

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.

Cryptocurrency exchange license in Philippines

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.

  1. Preparatory step. Bangko Sentral must determine if the applicant meets all points for establishing cryptoexchange.
  2. Documents submission and payment of the relevant fees; then, procedure will be completed, and enterprise receives a COR.

In frame of first stage of getting VASP license in Philippines, applicant must submit the following:

  • correctly completed application;
  • business plan, including target market information;
  • a list of persons owning the shares of the company, directors and holding key management positions.

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:

  • registration confirmation: the corporation or partnership must provide constituent documents duly certified;
  • appropriate permission from the local authorities of the city where commercial operations will be conducted. This document should contain the direction of the organization;
  • an agreement of the Board of Directors and the owner, certified by a notary, which indicates the respective obligations of the parties;
  • confirming that the firm has implemented and complied with anti-money trafficking and terrorist financing policies and internal regulatory requirements;
  • permission to conduct commercial transactions from the responsible bank;
  • confirmation of the availability of the required amount of start-up capital.

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.

Please contact us to get more information.

You can see our current offers in the categories “Cryptocoins and licensing of cryptocurrency operations”, “Ready-made companies”, “Banks for sale” and “Licenses for sale”.

Businesses for sale

License for crypto exchanger in Singapore

Asia, Singapore Crypto forex brokers
Now this jurisdiction sets propitious conditions for the activities of crypto-exchanges. Thanks to the legal framework developed by the jurisdictional regulator (MAS), companies dealing with cryptographic currencies may legally operate in a given country. In Singapore, non-securities firms essentially don’t need a permit. Exchange deals involving crypto-assets are covered by governmental regulation as well as...

Crypto license in Bahamas for sale

North America, Bahamas Crypto licenses for sale
This is a new investment opportunity – сrypto license in Bahamas for sale. Please check out the main details regarding this proposal below. For Sale Crypto license in Bahamas: key considerations The company licensed by Securities Commission of Bahamas; Activities (custodial services, trade execution, staking); Company is currently not active; Bank account in local financial...

Crypto license in Slovakia for sale

Europe, Slovakia Crypto licenses for sale
This is a new investment opportunity – сrypto license in Slovakia for sale. Please check out the main details regarding this proposal  below. Crypto license for sale: key considerations Clean cryptocompany in Slovakia registered in 2021; Crypto exchange, Virtual wallet, ICOs, IEOs, IDOs; Company is also capable of doing tokenization; Company has its own bank...

You could be interested

Ready-made company in Armenia

Armenia is a country located in the south of the Caucasus and does not belong to offshore zones. This jurisdiction is attractive for investors with comprehensive support for start-ups, simple registration of activities and loyal conditions of the commercial environment. Armenia is a link between Europe, the Eurasian Economic Union, Iran, as well as Canada,...

Company registration in Cuba

For many years Cuba has been trying to create the most favorable conditions for attracting foreign investment. Today, it is a low-tax jurisdiction that is loyal to non-residents and offers opportunities for interaction with American and European corporations. Cuba is an offshore company with a progressive investment legislative base and signed agreements on avoidance of...

Crypto License in Germany

Germany isn’t only one of most trustworthy, commercially honest and strict in terms of compliance jurisdiction, but also a country that is committed to massive technological and financial development. Despite the fact that the status of a fairly conservative commercial space has been assigned to jurisdiction, this country strongly supports innovative solutions and tools, in...

Key reasons to start your business with MSB in Canada

If you want to pursue a professional financial services business and go international, you will need to get a special license permit. This is similar to obtaining a driver’s license buying a car. Here you should ask yourself which license to choose between many another. Below we will discuss the reasons for obtaining an MSB...

Ready-made company in Italy

Italy, a nation celebrated for its rich cultural heritage, storied history, and sumptuous cuisine, offers more than just its iconic attractions. Nestled within its picturesque landscapes and bustling cities lies a world of economic opportunities waiting to be explored. For those with entrepreneurial ambitions, Italy presents a promising destination. However, navigating the intricate maze of...

Forex broker in Bulgaria

To Forex brokers contemplating expansion in Europe but unwilling to bear the hefty cost of maintaining a Cypriot or Maltese licensed company, we strongly advise considering Forex broker in Bulgaria license. Key highlights Broker in Bulgaria is formally categorized as investment enterprise and operate under an Investment Services License (ISL), which outlines the allowable array...
Fill the blank:

Zurich

Dreikonigstrasse, 31A, Stockerhof

Kyiv

Baseina street, 7

London

Grosvenor Gardens, 52

Washington

1629 K St. Suite 300 N.W.

Vilnius

Gediminas Avenue, 44A

Tallinn

Kesklinna linnaosa, Tuukri 19

Edinburgh

Lochrin Square, 1

Nicosia

Jacovides Tower, 5 floor

Riga

Esplanade, 7 floor

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai

Singapore

Level 42, Suntec Tower Three, 8 Temasek Boulevard

Sydney

20 Martin Place

Porto

2609 Avenida da Boavista
Calls are made only from Portugal

Tbilisi

Revaz Tabukashvili Str., N 45, area N 7