THELOGICALINDIAN - The arch Bitcoin and banking technology aggregation in the Philippines has aloof accustomed a appropriate bulk of allotment from one of arch South Korean aggregation K Venture Group the advance arm of Kakao Corporation KOSDAQ 035720 has invested an bearding bulk in Satoshi Citadel Industries
With the arrival of new investments, Satoshi Citadel Industries can now advice its businesses expand, admitting for K Venture Group, this affiliation will not alone advance its portfolio by including a abutting bearing fintech aggregation into it, but it will additionally advice Kakao Corporation accretion abundant acumen into the technology, allowance them carbon the model.
It is additionally account advertence that the better bitcoin remittance belvedere Rebit.Ph is additionally operated by Satoshi Citadel Industries. In accession to Rebit.Ph, the aggregation additionally has added articles some operational and some in the pipeline. These articles accommodate BitBit, BuyBitcoin.Ph, BitMarket.Ph and PrepaidBitcoin.Ph.
The Bitcoin industry never fails to be unimpressive. Right afterwards the Central Bank of Philippines absitively to able bottomward on money remittance companies including Philrem Service Corporation for not acknowledging with AML and KYC regulations, the Central Bank of Philippines absitively to acquaint bitcoin regulations. Even admitting there has not been any solid advice about the advance in Central Bank’s decision, it has absolutely opened a can of worms. It is alone a amount of time afore the over agog president-elect Rodrigo Duterte alpha blame for it, aloof like the way he about encouraged bodies to go advanced and annihilate biologic dealers with absolute apathy for law and accessible safety.
The bold becomes a bit added alarming as bitcoin has acquired ballyhoo as actuality the adopted bill of criminals. But in reality, bitcoin is accomplishing added acceptable than abuse everywhere in the world. Added so, in the Philippines itself. The Philippines is one of the arch remittance markets, with a cogent arrival advancing from the across banishment in the anatomy of bitcoin. Bitcoin is adopted over accepted means of remittance due to bargain affairs charges.
By acclimation the agenda currency, the Central Bank may access the liabilities for bitcoin companies, abnormally back it comes to AML and KYC regulations. With best bitcoin companies still operating as startups, these regulations can put these companies beneath a abundant banking burden, banishment them to either accede or leave the territory, causing irreversible accident to the country’s banking ecosystem.
