Philippine Digital Asset Exchange (PDAX) received clearance from the ‘Bangko Sentral ng Pilipinas (BSP) or Central Bank of the Philippines’ for a license to operate their cryptocurrency exchange. PDAX is now able to provide fiat to crypto and crypto to fiat exchange services to its users. They also provide on and off ramp fiat services with the help of their partners. Users are now able to use the Beta version of the exchange.
Fiat on and off ramp:
Users can deposit or withdraw fiat through bank deposit, using a credit or debit card (Visa or JCB) at the moment, PayMaya, and other OTC partners like Cebuana Lhuillier, MLhuillier, SM Bills Payment (Owned by SM Supermalls, largest mall group in the Philippines), and more. For withdrawals only Cebuana Lhuillier, MLhuillier, and SM Bills Payment are the options for now.
Several cryptocurrencies are now available for users
PDAX posted a press release on Sept. 10 stating the first cryptocurrencies that they have listed are Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and Litecoin (LTC). Moreover, locally in-demand coins will be made available on the platform in the coming weeks.
Getting a crypto exchange license in the Philippines
PDAX was able to adhere on all BSP requisite registrations and fees, anti-money laundering (AML) measures, local levels of risk management, security controls, and lastly BSP’s transaction requirements, stated on the press release.
Nichel Gaba (PDAX CEO) commented:
“This is an exciting time not just for seasoned cryptocurrency traders, but also for everyone who believes that the future of investing is digital. With the approval granted to us by the BSP, we hope to make financial markets more accessible to everyone.”