Philippine Digital Asset Exchange (PDAX) that calls itself the first crypto currency exchange created specifically for the Philippines, licensed by the Central Bank of the Philippines. The approval allows organizing the exchange of Philippine peso with cryptocurrencies, tokens and other forms of virtual currencies.
For obtaining a license from the Bangko Sentral ng Pilipinas (BSP) cryptomerias must meet the requirements set by the Central Bank circular in 2017. First and foremost they relate to the prevention of money laundering and protect customers from illegal financial transactions.
Measures that are required to take the crypto currency exchange for approval, include the registration in the Council on the fight against money laundering (AMLC), the presence of an adequate system of risk management and safety controls, compliance with the requirements of the BSP to the transaction. In addition, the exchange must pay the registration fees.
“It’s an exciting time not only for experienced cryptocurrency traders but also for anyone who believes that the future of digital investment. With approval granted by BSP us, we hope to make the financial markets more accessible for everyone,” said CEO PDAX Nichel GABA (Gaba Nichel).
The exchange offers on its platform trade pairs with bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH) and Litecoin (LTC) against Philippine peso. According to the company, this will facilitate participation in trade cryptocurrency traders from the Philippines. In addition, thanks to partnerships with major banks and payment systems PDAX promises users an affordable and reliable withdrawal of Fiat funds.
We will remind that the authorities of the Special economic zone the province of Cagayan (CEZA) in the Philippines introduced its own licensing rules for kryptomere and expect to earn about $67 million