Bitcoin

BSP Releases Guidelines Regulating Virtual Currencies Exchanges

BSP Releases Guidelines Regulating Virtual Currencies Exchanges

In its resolution dated 19 January 2017, the Monetary Board approved a new set of rules and regulations that would govern the operations of virtual currency exchanges in the country. The guidelines are to be incorporated in §4512N of the Manual of Regulations for Non-Bank Financial Institutions. The guidelines were made in recognition of the potential of virtual currencies in revolutionising the delivery of financial services and the risks that accompany it including consumer protection and the susceptibility to be used in illegal activities. The guidelines define the term a virtual currency, such as BitCoin, as any type of digital […]