The Philippines seems to be steering towards the world of crypto as its value has been skyrocketing. The country revealed that it was going to toughen its laws to hinder potential money laundering violations.
The crypto industry was rolled out as an entity that had nothing to do with the centralized systems or governments. However, the value, popularity, and increase in perpetrators in the industry caused the government to intervene. While governments across the globe have been stepping up their games and making regulations compliant with the crypto industry, the Philippines just jumped onto the bandwagon.
Philippines’ Central Bank To Take Things Into Its Hand
A local news portal revealed that the Southeast Asian country was looking to impose stricter rules with regard to the crypto wing of the region. Just like all the other countries across the globe have been working towards the licensing of crypto firms, the Philippines has now mandated its crypto platforms to register with the central bank of the country.
The central bank of the country, Bangko Sentral ng Pilipinas [BSP] recently pointed out that any platform that carried out services that include cryptocurrencies like Bitcoin in the country had to acquire a license. The Governor of BSP, Benjamin Diokno went on to point out how the country has worked towards stimulating the growth of digitalization. He said,
“We have seen accelerated growth in the use virtual currency exchanges in the past three years, and it is high time that we broaden the scope of existing regulations in recognition of the evolving nature of this financial innovation and set out commensurate risk management expectations.”
Crypto platforms operating in the Philippines would be able to continue transfer as well as “safekeeping” along with the administration of digital assets without any hassles. These platforms would further be mandated to live up to regulatory expectations that tackle money laundering and financing of terrorism.