Philippines: Virtual currency exchange

Author: | Published: 5 Mar 2018
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Villaraza & Angangco

Address

11th Avenue corner 39th Street,
Bonifacio Triangle, Bonifacio Global City 1634
Metro Manila, Philippines

Telephone

+632 988 6088

Fax

Visit Website

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 and websites.

As of December 31 2017, there are two virtual currency exchanges already registered with the BSP as remittance and transfer companies.

Leonardo A Singson