The BSP said the adoption of the National QR Code Standard is a turning point in the country’s digital transformation journey.
The entities encourage investors by promising guaranteed returns between 18% to 1,000% every week.
The total transaction volume from January to September 2020 was 7.2 million. This is a 36% increase versus the volume recorded within the same period in 2019 (5.3 million).
BSP is tasking the new unit to address the interplay between digital money and physical currency, as well as support the Philippines’ digital transformation of its financial services.
The SEC has issued an advisory against multiple crypto, crowdfunding, and franchising schemes for operating without the necessary licenses and authority to solicit investments from the public.
In this exclusive interview with BitPinas, the BSP discussed the challenges of 2020, its position on cryptocurrencies, virtual asset service providers in the country, and the key benefits for international crypto companies if they register in the Philippines.
In this whitepaper, Atty. Rafael Padilla, Co-Founder and Trustee of BlockDevs Asia and Professor of Law at San Beda Alabang, examines the updated guidelines for virtual asset service providers released by the Bangko Sentral ng Pilipinas.
How much is required to obtain a crypto exchange license in the Philippines? What are the other requirements for the VASP license?
Rep. Cua said that currently, what the Philippines have is a patchwork of digital payment platforms and electronic money systems operated by private entities like banks.
While the use of stablecoins could implicate several aspects of the law, three areas attained some level of prominence within legal and policy circles: securities regulation, anti-money laundering (AML), and financial service licensing.