Philippines’ Central Bank Issues Guidelines for Virtual Currency Exchanges

After 12 months of deliberations the Philippines central bank, Bangko Sentral ng Pilipinas (BSP), has announced its guidelines for virtual currency exchanges.

The guidelines’ statement of policy opens by announcing that “It is the policy of the Bangko Sentral to provide an environment that encourages financial innovation while at the same time ensure that the Philippines shall not be used for money laundering (ML) or terrorist financing (TF) activities and that the financial system and financial consumers are adequately protected”, echoing familiar statements to other governments who have been proposing regulations for bitcoin and cryptocurrency.

The guidelines continually stress that the Philippines feels vulnerable as an under-regulated financial market, acknowledging the potential for those seeking to use virtual currencies for money laundering or terrorist financing to be attracted to the Filipino cryptocurrency markets.

Read more here: https://news.bitcoin.com/philippines-central-bank-issues-guidelines-for-virtual-currency-exchanges/