Halister News

(Bloomberg) -- Bangko Sentral ng Pilipinas is finalizing rules that will start its regulation of digital currencies and other products created by an evolving financial technology as it intensifies campaign against money laundering, Deputy Governor Nestor Espenilla tells reporters in Manila.

• An overhaul of an existing circular 471 that covers money- changing cos. is being reviewed by central bank’s legal team and also presented to affected groups, stakeholders
• Pawnshops, financial-service providers operating through Internet will also be covered by expanded, tighter rules to prevent money laundering
• NOTE: Circular 471 http://tinyurl.com/hjj48hf
• Broader plan to expand Bangko Sentral’s supervisory powers including its ability to impose penalties is included in proposed changes to central bank charter
• “In the way we analyze fintech companies, the rules are not really blanket,” Espenilla says. “Some bitcoin companies are transferring value form one point to another point and that is remittance business. Some fintechs are involved in credit, they’ll fall under credit cards. The circular will clarify that.”
• NOTE: Philippines Boosts Defenses Against Cyber Attacks, Laundering Link
• Policy makers approved entry of another foreign lender to nation with one other bank formally applying, he says, without providing details as cos. are listed overseas