Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: Malam90 on January 26, 2021, 11:04:50 AM
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The Bangko Sentral ng Pilipinas has expanded its regulatory remit of the crypto space to include all cryptocurrency financial service providers.
In keeping with the emergence of clear-cut crypto regulations across Southeast Asia, Philippines’ central bank, BSP, has enacted a broader licensing regime for digital asset firms in the country.
According to the Philippine Daily Inquirer, all crypto financial service firms in the country must now be licensed by the BSP.
Thus, exchanges dealing in crypto-to-crypto trading pairs and custody platforms must now obtain approval from the central bank. The expanded regulatory regime also covers cryptocurrency derivatives platforms.
All crypto firms in the country will also have to comply with global financial best practices including Anti-Money Laundering and Countering the Financing of Terrorism. As a result, cryptocurrency transfers above a certain threshold will require identifying information for both the originator and beneficiary parties.
For Benjamin Diokno, governor of the BSP, the expanded regulatory regime is necessary to keep up with the pace of development in the crypto space over the last three years. Back in 2017, the BSP issued rules for exchanges involved in fiat-crypto trading pairs. News Source (https://cointelegraph.com/news/philippines-central-bank-to-license-crypto-trading-and-custody-firms)