• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / Philippines Is All Set To Tackle Money Laundering By Licensing Crypto Platforms
Philippines

Philippines Is All Set To Tackle Money Laundering By Licensing Crypto Platforms

January 28, 2021 by Sahana Kiran

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.

Filed Under: News, Fintech, World Tagged With: Philippines

Primary Sidebar

Recent Posts

  • Chainlink [LINK] Surges Close To $30; Eyes At A Relief Rally March 3, 2021
  • Coinbase Custody Accrued 11% of Collective Crypto Capitalization In 2020 March 3, 2021
  • After Mary Hard Fork, Cardano Is Now A Multi-Asset Blockchain March 2, 2021
  • CryptoGames –Spectacular Games, Invulnerable Security, Swift Transactions and Much More! March 2, 2021
  • Google Finance Adds ‘Crypto’ Tab featuring Bitcoin, Litecoin, Ethereum, Bitcoin Cash March 2, 2021


Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2021 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.