Philippine central bank approves new rules for virtual asset service providers

Bangko Sentral ng Pilipinas approved new guidelines for virtual asset service providers, expanding upon its existing regulations on virtual currency exchanges that were issued in 2017.

The new guidelines expanded the activities subject to the licensing regime of the central bank, including the exchange between one or more forms of virtual assets, the transfer of virtual assets, as well as the safekeeping and/or administration of virtual assets or instruments enabling control over virtual assets.

In addition, the framework emphasizes that all transactions involving the transfer of virtual assets must be treated as cross-border wire transfers and that virtual asset service providers comply with the central bank's rules governing wire transfer, particularly on the obligation to provide immediate and secure transmittal of originator and beneficiary information from one virtual asset service provider to another for certain transactions.

The central bank said other existing rules and regulations for money service businesses must be complied with upon securing the authority to perform virtual asset service provider activities.