Philippines Central Bank publishes regulations for crypto exchanges

Asia Regulations The Philippines

A new document issued by the Philippines Central Bank – Bangko Sentral ng Pilipinas (BSP) – and titled “Guidelines for Virtual Currency (VC) Exchanges” provides a regulatory framework for cryptocurrency exchanges in the country.

Under new rules, exchanges will first have to obtain a ‘Certificate of Registration’ (COR) to operate and then pay annual service fees. Quarterly reports of volumes and value of cryptocurrencies transactions will also be required, while audited financial statements will be expected annually.

Adequate cybersecurity infrastructure is also mentioned in the document.

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

Leave a Comment

Coinlaw Newsletter

Whether you are a law firm, founder gearing-up for a token offering, or a crypto currency trader, subscribe to the biggest crypto legal newsletter to be informed of the latest developments in each and every jurisdiction