HALISTER1: Philippine Central Bank Issues Virtual Currency Exchange Rules

Philippine Central Bank Issues Virtual Currency Exchange Rules

(Bloomberg) -- Virtual currency-based exchanges where digital money like Bitcoin are exchanged for fiat money are classified as remittance and transfer companies, Bangko Sentral ng Pilipinas says in statement Tuesday.
  • Virtual currency exchanges must comply with capital requirements, internal controls, regulatory reports, and anti-money laundering rules required for remittance companies
  • Exchanges required to execute deed of undertaking to implement consumer-protection standards
  • Violations will result in cancellation of registration, penalties; banks are prohibited from dealing with unregistered virtual currency exchanges
  • BSP estimates digital money payment and remittance transactions reach as much as $6m for certain major players
  • NOTE: Philippines Mulling Bitcoin Regulation as Remittance Use Surges Link
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
BSNZ PM (Bangko Sentral ng Pilipinas)

To de-activate this alert, click here

UUID: 7947283