The Central Bank of the Philippines (BSP) has previously
approved the rules and regulations governing virtual currency
exchanges in the Philippines.
Under Circular 944, 2017, virtual currency exchanges in the
Philippines that provide a facility for the conversion or
exchange of fiat currency to virtual currency, or vice versa,
are required to register as remittance and transfer companies
with the BSP. As part of this registration, virtual currency
exchanges are also required to register with the Anti-Money
Laundering Council Secretariat (AMLCS) within 30 days from the
commencement of operations.
Among the key features of the regulation is a requirement
that large value pay-outs of more than PHP500,000 ($9,600) or
its foreign currency equivalent, in any single transaction with
customers or counterparties, are only made via cheque payment
or direct credit to deposit accounts.
In addition, all virtual currency exchanges registered as
remittance and transfer companies are required to submit
quarterly reports to the BSP of their total volume and value of
virtual currency transacted and their list of operating offices
As of December 31 2017, there are two virtual currency
exchanges already registered with the BSP as remittance and
|Leonardo A Singson