The Philippines’ central bank plans to tighten reporting requirements for virtual asset service providers (VASPs) to improve 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 be launched by January 1, 2025.
The circular details new reporting requirements to eliminate data gaps, reduce information discrepancies, streamline data collection and improve data quality for virtual assets and VASPs.
According to the bank, VASPs are required to submit 13 reports at various intervals. Monthly, they must submit two reports on transaction volumes, values and total assets on deposit.
Quarterly, they must submit seven reports, which include data on operating offices, websites and account holder demographics. Three more are required semi-annually. In addition, they must provide audited financial statements annually.
Financial service providers must use existing channels to send reports on money services activities during the first two quarters of 2025. After that, they must switch to a new reporting portal for all submissions, unless otherwise instructed.
Entities that fail to comply will face enforcement action. Financial service providers must send their feedback on the proposed changes by December 13.
Philippine Central Bank warns against cryptocurrency scams
The BSP advises the public to be cautious when dealing with unregistered financial service providers, especially those located overseas. Currently, only 14 financial service providers are registered with the BSP, but only 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 be vigilant about cryptocurrency scams on social media. It clarified that Governor Eli Remolona Jr. does not support or endorse any cryptocurrency projects, including “Tesler Code” or any similar investments.
