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Philippines Tightens Crypto Rules to Stop Money Laundering

Philippines Tightens Crypto Rules to Stop Money Laundering
  • The Philippine central bank has tightened the rules to prevent the use of crypto assets in money laundering.
  • Other money service businesses must comply with existing rules and regulations from the BSP.

The Philippines’ top money regulator has tightened the rules to prevent the use of crypto assets in money laundering.

According to the statement from the Bangko Sentral ng Pilipinas (BSP), its Monetary Board recently approved the guidelines on virtual assets. This includes digital asset service providers and entities that facilitate financial services via blockchain to cover new business models and activities.

Specifically, the exchange between one or more forms of virtual assets shall be subject to the BSP’s licensing requirements. The BSP implemented this regulation to eliminate anti-money laundering, terrorism financing, and more.

These regulations made the BSP Governor, Benjamin Diokno react. He said,

This will ensure that activities relating to virtual asset service providers are executed within an unbroken chain of regulated entities.

In addition, Diokno explained that their team has seen the progress of the digital exchange in the country for years. “We have seen accelerated growth in the use of virtual currency exchanges in the past three years,” Diokno said. Also, he believes that  it is high time they broaden the scope of existing regulations.

Moreover, the Monetary Board approved an expanded framework. More activities are now subject to the center’s licensing regime from those involved in facilitating virtual asset exchange.

Moreover, the service providers need to comply with the BSP rules. Otherwise, the BSP will not allow them to operate their digital asset business in the country.

Jesus is the Senior Editor of CoinQuora. He's been following the crypto space since 2016, and may possibly do so indefinitely. He covers various blockchain-based developments and crypto market trends.