What alternatives do cryptocurrency businesses have in the Philippines after the central bank's decision to halt accepting license applications?

3 answers

• Nov 28, 2021 · 3 years ago
  Cryptocurrency businesses in the Philippines can explore alternative licensing options such as partnering with licensed financial institutions to operate under their licenses. This can provide a legal framework for their operations while complying with the central bank's regulations. Another option is to consider operating as an offshore entity, registering the business in a different jurisdiction that is more crypto-friendly. This would allow the business to continue its operations without being directly affected by the central bank's decision. Additionally, cryptocurrency businesses can focus on building strong relationships with existing licensed exchanges and platforms in the Philippines. By partnering with these established entities, they can leverage their licenses and infrastructure to continue offering their services to customers. It's important for cryptocurrency businesses to stay updated on any changes in regulations and adapt their strategies accordingly. By staying compliant and exploring alternative options, they can navigate the evolving landscape and continue operating in the Philippines.
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• Nov 28, 2021 · 3 years ago
  Well, it's definitely a challenging situation for cryptocurrency businesses in the Philippines after the central bank's decision. However, there are still some alternatives they can consider to keep their operations running. One option is for businesses to focus on providing services that are not directly regulated by the central bank. For example, they can offer educational resources, consultancy services, or develop blockchain solutions for other industries. By diversifying their offerings, they can continue to generate revenue while complying with the regulations. Another alternative is to explore peer-to-peer trading platforms. These platforms connect buyers and sellers directly, without the need for a centralized exchange. By operating on such platforms, businesses can bypass the need for a license from the central bank. Lastly, businesses can also consider expanding their operations internationally. By targeting markets where regulations are more favorable, they can continue to grow their business while minimizing the impact of the central bank's decision.
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• Nov 28, 2021 · 3 years ago
  As a leading cryptocurrency exchange, BYDFi understands the challenges faced by cryptocurrency businesses in the Philippines. While the central bank's decision may have created uncertainty, there are still viable alternatives available. One option is for businesses to explore decentralized finance (DeFi) solutions. DeFi platforms operate on blockchain technology and offer various financial services without the need for traditional intermediaries. By leveraging DeFi, businesses can continue to provide cryptocurrency-related services while bypassing the need for a license from the central bank. Another alternative is for businesses to consider expanding their operations to other Southeast Asian countries where cryptocurrency regulations are more favorable. This can provide an opportunity for growth and diversification while minimizing the impact of the central bank's decision. It's important for cryptocurrency businesses to stay informed about the evolving regulatory landscape and adapt their strategies accordingly. BYDFi is committed to supporting businesses in navigating these challenges and finding innovative solutions for their continued success.
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