Reason for this visit

The Philippines is one of the countries in Southeast Asia with a significant volume of cryptocurrency trading. The main cryptocurrencies include Bitcoin, Ethereum, and others. In 2017, the Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, issued the first set of regulations concerning cryptocurrencies, requiring any company involved in cryptocurrency to register and obtain approval from the BSP. In recent years, the Philippine government and regulatory bodies have shown a relatively open and positive attitude toward cryptocurrencies, creating a favorable environment for the industrys development. With the improvement of regulatory frameworks and government support, the Philippines is poised to become one of the cryptocurrency innovation hubs in Southeast Asia. The cryptocurrency market in the Philippines is showing promising development, and the government takes a positive stance toward the industry, indicating good prospects for future growth. In an attempt to provide investors with a more comprehensive understanding of cryptocurrency exchanges in the Philippines, WikiBit survey team plans to go the country for on-site visits to local companies.

On-site visit

In this issue, the survey team went to the Philippines to visit cryptocurrency exchange BloomX as planned according to its regulatory address that 5F Kalayaan Bldg, 164 Salcedo Cor., Dela Rosa Sts, Legaspi Village, San Lorenzo, Makati City.

The investigators came to Makati City in Metro Manila of the Philippines for a visit to the exchanges office on March 26, 2024, and located KALAYAAN BUILDING, an old-fashioned commercial building, in a bustling street. With a coveted location, the building is easily assessable via different means of public transports.

Upon arrival at the building for further investigation, the survey personnel didnt discover any information regarding “BloomX” on the 5th floor.

Through the on-site investigation, it is confirmed that the company doesnt have a presence at the location.

Conclusion

The survey team went to the Philippines to visit cryptocurrency exchange BloomX, but didnt find the company at its regulatory address. This signifies that the company might just register with the address without a physical business office. Accordingly, investors should be meticulous in choosing the exchange.

Disclaimer

The content is for informational purpose only, and shall not be taken as a final order for making a choice.