Original sourcephilstar.com
Summary
The Bangko Sentral ng Pilipinas (BSP) is pushing for strict regulation of crypto transactions. Governor Eli Remolona Jr. noted that if transfers bypass regulated channels, authorities will struggle to identify the individuals behind them. He advocates that virtual asset transactions should be handl…
Key points
- For exchanges and payment firms targeting Southeast Asia, this is the latest signal on the direction of license freezes and KYC requirements.
- With the license freeze unresolved, compliant access to the Philippine market will continue to be dominated by KYC and traceability requirements.
- Firms intending to enter the Philippine market must first resolve VASP licensing uncertainty; local users are being pushed toward regulated platforms to complete transactions.
- The article notes the Philippine SEC blocked Binance in 2024, and the exchange subsequently partnered with BlockShoals Technologies to enter the SEC's StratBox sandbox framework.
Editorial note
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