The Philippines Central Bank has approved two new crypto related companies

The central bank of the Philipines has approved two new companies to operate crypto exchange services in its jurisdiction. Telcoin Corpl and Atomtrans Tech Corp are now able to operate in the country. 

Telcoin is an ethereum based company that originates in Japan and has a strong mobile market. While Atomtrans are a remittance and transfer business focused on creating relationships with Chinese companies. The company offers ATC Remittance and ATC Payment services and now can extend its business in the crypto asset and trading industry with ATC Digital Currency Exchange. They also recently signed an agreement with China UnionPay Electronic Payment Co., Ltd. and UnionBank of the Philippines and represents the Philippine-China remittance products. 

Although it is considered a small crypto country the Philippines is considered a big player in Asia as it has relaxed rules and the general public are now more accepting of cryptocurrencies. Satoshi Citadel Industries (SCI) founder stated the Philippines is “one of the first in the whole world” where the central bank registers companies wanting to provide services using cryptocurrency. Forward-thinking to say the least.