Philippines Issues Crypto Industry Guidelines to Guard Against Money Laundering
New guidelines bring the nation's digital asset industry in line with Financial Action Task Force standards.
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Many governments around the world are preparing regulatory policies concerning cryptocurrency markets. The Philippines is now next in line to regulate Bitcoin operations as the central bank deputy governor, Nestor Espenilla, has revealed new virtual currency guidelines. New Virtual Currency Policies Coming to the Philippines. Bitcoin.com reported last....
The central bank of the Philippines has released new guidelines for bitcoin exchanges operating in the country. The move comes months after officials for the Bangko Sentral ng Pilipinas (BSP) signaled their intention to regulate exchanges, suggesting at the time that they would class the businesses as a form of remittance company. Under guidelines inked on 16th January and published today, "entities" that offer exchange services will be required to apply for a Certificate of Registration. Exchanges will also need to register with the country’s Anti-Money Laundering Council....
The Central Bank of Philippine is in the process of making few regulatory changes to combat money laundering and cyber attacks. The Philippines may soon introduce bitcoin regulations as the country’s central bank decides to tighten its screws around money laundering. The bank is also focused on improving the security of the cyber infrastructure. The South East Asian country of Philippines has suddenly decided to go hard on the money transfer and remittance businesses in the country. The sudden crackdown seems to be connected with the recent report published by Reuters and Fortune which....
The Spanish Civil Guard has broken up a group that used cryptocurrencies as a tool to launder money. The organization, that operated in Madrid, supposedly lent these services to other criminal organizations. The MAUNA operations, as they were called by the Spanish Civil Guard, discovered phantom companies in several countries like Spain, Belgium, Sweden, Germany, and Lithuania that supported these actions.
Spanish Civil Guard Shuts Down Crypto Money Laundering Activity in Operation MAUNA
The Spanish Civil guard announced on February 15 the detention of several people linked to an....
As one would expect, virtual currency exchanges will need to obtain a Certificate of Registration. An exciting development is taking place in The Philippines right now. Most people are well aware of how bitcoin makes a positive impact on the local economy. Bangko Sentral has issued a document on guidelines for virtual currency exchanges. As a result of this proposal, the country officially acknowledges bitcoin as a payment system. It appears Philippines is one of the first countries that has given bitcoin an official financial “status”. The document drafted by the Central Bank of The....