BSP Takes Bold Step in Crypto Regulation
The Bangko Sentral ng Pilipinas (BSP) has released a comprehensive regulatory framework for Digital Asset Service Providers (DASPs), marking a watershed moment for the Philippine cryptocurrency industry.
The new guidelines, which take effect immediately, require all virtual asset service providers operating in the Philippines to register with the BSP and comply with strict anti-money laundering (AML) and counter-terrorism financing (CTF) requirements.
Key Provisions of the Framework
The framework introduces several important provisions that will reshape how crypto businesses operate in the Philippines. These include mandatory capital requirements, customer due diligence procedures, and real-time transaction monitoring systems.
This regulatory framework is designed to foster innovation while protecting Filipino consumers and maintaining the integrity of the financial system. — BSP Governor
Industry stakeholders have largely welcomed the move, with many noting that clear regulatory guidelines will actually accelerate institutional adoption of digital assets in the country.
