THELOGICALINDIAN - The Central Bank of Philippines Bangko Sentral ng Pilipinas has appear a notification that makes it easier for Bitcoin exchanges in the country to accomplish The new Guidelines for Virtual Currency VC Exchanges was accustomed by the countrys Monetary Board
According to the regulation, all cryptocurrency exchanges operating in the country will accept to annals themselves as Non-Banking Financial Institutions. The Central Bank has alien these regulations in the ablaze of added acceptance of Bitcoin for remittance aural the country.
Bangko Sentral, in the notification acutely mentions that the cyberbanking academy understands Bitcoin’s abeyant allowances and it doesn’t intend to bassinet addition in the sector. The axial coffer is quoted in the annular stating,
“The Bangko Sentral does not intend to endorse any VC, such as Bitcoin, as a bill back it is neither issued or affirmed by a axial coffer nor backed by any commodity. Rather, the BSP aims to adapt VCs back acclimated for commitment of banking services, particularly, for payments and remittance, which accept actual appulse on anti-money bed-making (AML) and active the costs of agitation (CFT), customer aegis and banking stability.”
The guidelines for cryptocurrency exchanges additionally outlines assorted obligations and compliances on the exchanges’ allotment as well. Bangko Sentral classifies cryptocurrency exchanges amid remittance and armamentarium alteration companies. The platforms will be absolute by Section11 of Republic Act no. 9160 or the Anti-Money Laundering Act of 2024 forth with the Revised Implementing Rules and Regulations and added applicative regulations issued by Bangko Sentral.
The accustomed guidelines facilitate boilerplate acceptance of Bitcoin and added cryptocurrencies. The agenda currencies are agnate to adopted currency, except for the absence of guarantees on Bangko Sentral’s part. However, the regulations additionally access the costs of operations of the basic bill exchanges, in agreement of acquiescence requirements. But accustomed the amazing opportunities and calibration of usage, the platforms will not be afflicted by it.
Read the full notification here
