Philippine Central Bank looking to regulate cryptocurrency
As the central bank of the Philippines notes, the exchanges have little interest in the regulatory framework that was recently introduced to regulate digital currencies in the country.
In an interview with Business Mirror, Chuchi Fonache, who works in the supervision and examination department of Bangi Sentral ng Pilipinas (BSP), noted that “fewer than 10 applications” have been submitted, despite the fact that the new rules came into force in February.
This month BSP said that companies wishing to deal with crypto-currencies in the country should apply for a license and comply with the requirements for combating money laundering and the KYC standard.
Nevertheless, Fonachet’s statements indicate that the response was not impressed by the regulator (BSP).
“We examined the business models of some of the applicants and expect them to meet additional requirements,” Fonachier said.
Another potential factor is that, in addition to the licensing and registration process, BSP requires that exchanges periodically send reports reflecting the volume of trades and data on the use of crypto currency.
While there are no further rules, Fonache says that the BSP “will continue to follow developments in this area” and “is ready to take appropriate actions in respect of significant risks that may arise.”