The central bank of the Philippines has announced that it will stop accepting crypto license applications for three years. cryptocurrency bitcoin $BTC
The central bank of the Philippines, Bangko Sentral ng Pilipinas, has announced that it will stop accepting crypto license applications for three years, starting next month. The central bank is the primary regulator of the crypto sector in the Philippines.The Philippine central bank, Bangko Sentral ng Pilipinas, announced Wednesday that it will stop accepting new Virtual Asset Service Provider license applications for three years.
The central bank added, “The Bangko Sentral recognizes that as VAs [virtual assets] offer opportunities to promote greater access to financial services at reduced costs, they also pose varied risks that may undermine financial stability,” elaborating:
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