As reported, the Philippine central bank (Bangko Sentral ng Philipinas) (“BSP”) has approved applications filed by two cryptocurrency exchange platforms to facilitate the conversion of Philippine pesos (“Pesos”) into cryptocurrencies. There are now five BSP-approved cryptocurrency exchanges operating in the Philippines. This development is undoubtedly a positive for cryptocurrency adoption in the Philippines and total Peso-to-crypto conversion volume is substantial, with around US$38 million worth of Pesos being exchanged into crypto per month in late…