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Environment surrounding cryptocurrencies in the Philippines

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Environment surrounding cryptocurrencies in the Philippines

The system adopted by the Philippine government to ensure legality, security, and solvency in the exchange of all cryptocurrencies operated domestically is very similar to that of Japan.

The approval process is issued after determining whether there is sufficient funds to protect the user’s funds, whether the security of cryptocurrency trading and technical capabilities are sufficient.

Currently (as of November 5, 2019), there are 13 cryptocurrency exchanges registered with the permission of the Central Bank of the Philippines (BSP).

List of registered BSP companies
http://www.bsp.gov.ph/banking/MSB.pdf

Apart from that, there are 37 cryptocurrency exchanges authorized in the Cagayan Special Economic Zone (CEZA), but this is only permitted for offshore business and cannot operate in the Philippines. BTCNEXT of Noah coin famous in Japan belongs to this.

And of course, Mango remittance is mainly engaged in business development in the Philippines, so we are recommending applications for registration with the Central Bank of the Philippines (BSP).

As you know, it is not easy for licensed startups to obtain a license, but it is really a step further, overcoming the hurdles that emerge one after another so that you can become the 14th registered company. Come.

In short, it is a coin check and bit flyer standing in Japan.

In recent years, the Philippines has grown into a virtual currency powerhouse due to the rapid growth of the domestic economy. At the top of the list = virtual currency wallet service Coins.ph, which became the first registered operator, It is said that 5 million people are registered as customers, equivalent to 1 in 10 people.

Coins.Ph has been acquired by Indonesian venture company Go-jek, which organizes motorcycle taxi services this year for $ 270 million.

Tens of thousands of people in the last few years are in the area where huge casinos such as “Mall of Asia”, the largest shopping mall in Asia, and Okada Manila, City of Dreams, etc. are lined up for call center staff for online casinos in China. A huge amount of Chinese money has also flowed into the Philippines.

Although such a large amount of money has started to move, it is still a blue ocean, and the future Philippine cryptocurrency market is expected to grow into a huge market overtaking Japan, and Mango Remittance will increase its share of the growing market with its own weapons. It is moving to take.

Roadmap delay notice

The establishment of a new corporation has been delayed in terms of human resources and legal affairs, and accordingly, the issue of new MangoCoin and the replacement of old MangoCoin → new MangoCoin are similarly delayed.
However, we are proceeding with the development of Mango exchange ahead of schedule, and this is proceeding as planned.

Accordingly, we are rescheduling to launch the Mango Exchange launch in 2020 Q1, which will be the initial monetization model.

A new roadmap will be released soon, so please be patient.

The MANGO team will make every effort to promote the project in order to achieve results that meet the expectations of those who have received support.

We look forward to your continued support of the MANGO Project.

MANGO team

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