The Central Bank of the Philippines (BSP) recently published new guidelines regulating virtual The money used in a particular country at a particular time, like dollar, yen, euro, etc., consisting of banknotes and coins, that does not require endorsement as a medium of exchange. exchanges. The regulation, to be enforced starting February 21, aims to fight against The operation of attempting to disguise a set of fraudulently or criminally obtained funds as legal, in operations undeclared to tax authorities, and therefore not subjected to taxation. Money laundering activities are strongly pursued by authorities and in most countries, there are strict rules for credit institutions to cooperate in the fight against money laundering operations, to declare and report any transactions that could be considered suspicious. activities and maintain financial stability by targeting virtual currency exchangers.
To conduct business in the Philippines, The Eurosystem comprises the European Central Bank and the national central banks of those countries that have adopted the euro. institutions will have to See See-through register. at the Anti-Money Laundering Council secretariat and apply for a “certificate of registration” with the BSP. They will now be required to submit quarterly and annual reports to the central bank and pay annual fees. In addition, virtual currency exchangers will have to effectively manage risks with adequate internal control systems and periodic backups. In the future, cyber-security frameworks will be defined for companies operating with e-wallet services.
The BSP declared that it does not promote the use of virtual currencies as they are not issued or granted by the central bank. However, the bank is aware of the necessity to regulate such currencies. In this framework, it also imposed a limit of 500,000 pesos (about $ 10,000) per transaction.
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