Philippines Readies Virtual Asset Reporting Portal for Jan. 1 Rollout
The Philippines’ central bank plans to tighten reporting requirements for virtual asset service providers (VASPs) to enhance data collection and oversight. The Bangko Sentral ng Pilipinas (BSP) released a draft circular over the weekend, revealing that a new reporting portal for all VASPs will launch by Jan. 1, 2025.
The circular details new reporting requirements to close data gaps, reduce information disparities, improve data collection, and enhance data quality for virtual assets and VASPs.
According to the bank, VASPs are required to submit 13 reports at different intervals. Monthly, they must file two reports on transaction volumes, values, and total assets in custody.
Quarterly, they need to submit seven reports that include data on operating offices, websites and account holder demographics. Three more are due semi-annually. Additionally, they must provide audited financial statements annually.
VASPs to Transition to New Reporting Portal in 2025
VASPs must use existing channels to submit Money Service Business reports during the first two quarters of 2025. After that, they are required to switch to the new reporting portal for all submissions, unless instructed otherwise.
Entities that fail to comply with these requirements will face enforcement actions. VASPs must submit their feedback on the proposed changes by Dec. 13.
Crypto Scams Prompt Warning from Philippines Central Bank
The BSP advises the public to exercise caution when dealing with unregistered VASPs, especially those located overseas. Currently, only 14 VASPs are registered with the BSP, but just seven are actively operating. These VASPs include Maya Philippines, Philippine Digital Asset Exchange (PDAX), Betur Inc. (COINS PH), Bloomsolutions Inc., Direct Agent 5 (SurgePay Mobile App), Moneybees Forex and TopJuan Technologies Corp.
Earlier this year, the central bank warned the public to stay alert against crypto scams on social media. It clarified that Governor Eli Remolona, Jr. does not back or endorse any crypto projects, including “Tesler Code” or any similar investment.
The post Philippines Readies Virtual Asset Reporting Portal for Jan. 1 Rollout appeared first on Cryptonews.
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Philippines Readies Virtual Asset Reporting Portal for Jan. 1 Rollout
The Philippines’ central bank plans to tighten reporting requirements for virtual asset service providers (VASPs) to enhance data collection and oversight. The Bangko Sentral ng Pilipinas (BSP) released a draft circular over the weekend, revealing that a new reporting portal for all VASPs will launch by Jan. 1, 2025.
The circular details new reporting requirements to close data gaps, reduce information disparities, improve data collection, and enhance data quality for virtual assets and VASPs.
According to the bank, VASPs are required to submit 13 reports at different intervals. Monthly, they must file two reports on transaction volumes, values, and total assets in custody.
Quarterly, they need to submit seven reports that include data on operating offices, websites and account holder demographics. Three more are due semi-annually. Additionally, they must provide audited financial statements annually.
VASPs to Transition to New Reporting Portal in 2025
VASPs must use existing channels to submit Money Service Business reports during the first two quarters of 2025. After that, they are required to switch to the new reporting portal for all submissions, unless instructed otherwise.
Entities that fail to comply with these requirements will face enforcement actions. VASPs must submit their feedback on the proposed changes by Dec. 13.
Crypto Scams Prompt Warning from Philippines Central Bank
The BSP advises the public to exercise caution when dealing with unregistered VASPs, especially those located overseas. Currently, only 14 VASPs are registered with the BSP, but just seven are actively operating. These VASPs include Maya Philippines, Philippine Digital Asset Exchange (PDAX), Betur Inc. (COINS PH), Bloomsolutions Inc., Direct Agent 5 (SurgePay Mobile App), Moneybees Forex and TopJuan Technologies Corp.
Earlier this year, the central bank warned the public to stay alert against crypto scams on social media. It clarified that Governor Eli Remolona, Jr. does not back or endorse any crypto projects, including “Tesler Code” or any similar investment.
The post Philippines Readies Virtual Asset Reporting Portal for Jan. 1 Rollout appeared first on Cryptonews.
Read More
Ethereum Price Reaches Last H1 Support, Next Major Resistance Comes Into View