The Philippine central bank requires encrypted currency transactions to be closely monitored

The Philippine central bank requires encrypted currency transactions to be closely monitored

Recent reports show that the Philippine central bank proposed a new digital monetary regulatory framework, the Exchange interest.

(Business Mirror) interviewed by Chuchi Fonacier, the supervisory and inspection department of the central bank (BSP, Bangko Sentral ng Pilipinas), and filed for "less than 10" exchanges after the relevant laws and regulations came into force in February.

BSP said that domestic companies that want to make an encrypted currency transaction service must apply for a license, comply with anti-money laundering and understand customer requirements regulations.

Fonacier's statement showed that the response received was disappointing to the regulator.

"We looked at some of the applicant's business model, waiting for them to submit other requests."

In addition to licensing and registration processes, another potential factor is that BSP requires the exchange to submit reports on a regular basis, paying close attention to the amount of encrypted currency transactions and their use in the country.

Despite the lack of other regulatory measures at the moment, Fonacier said, BSP will "continue to monitor the development of the field, ready to take significant measures to take significant measures."