The Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), has expanded the country’s cryptocurrency regulation after seeing “accelerated growth” in the use of crypto exchanges. The new regulatory framework is in line with the guidelines recommended by the Financial Action Task Force (FATF), according to the central bank.
Philippine Central Bank Introduces New Rules for Crypto Service Providers
The Bangko Sentral ng Pilipinas (BSP), the Philippines’ central bank, announced Tuesday that it has established new guidelines on virtual asset service providers.
“The Monetary Board (MB) approved the guidelines on virtual asset service providers (VASP), or entities that facilitate financial services through the conduct of virtual asset (VA) activities, to cover new business models and activities,” the central bank explained.
BSP Governor Benjamin E. Diokno commented:
We have seen accelerated growth in the use VCEs in the past three (3) years and it is high time that we broaden the…