Blockchain-based fintech company Chian Partners have received a license from the central bank of the Phinlippines to open a cryptocurrency exchange.

The company said Tuesday that the central bank issued the license after a six-month review of its applications.

Chain Partners is one of the eight exchanges allowed to do business. It can trade cryptocurrencies, foreign exchange dealing, money transfer and conversion of cryptocurrencies into foreign currencies and vice versa.

The Philippines demands the exchange abides by strick anti-money laundering rules.

The Philippines is the world’s third largest money transfer market. Its people overseas remit $328 million to the home country each year.