[Newsletter] CryptoPH Wrap-up – BSP Wants More Crypto Surveillance?
From Michael Mislos, Editor-in-Chief of BitPinas. This newsletter is sent to email subscribers every Monday. Feel free to sign up so you can receive this in your inbox too!)
We continue to relentlessly search and write news for the local crypto community in the Philippines.
In a GCash media interview that was actually about their pet insurance product, we learned that they are also still working on their crypto product, which, BitPinas had started reporting in May of last year. The article we wrote also included a timeline since GCash’s first announcement but we also included the timeline of Maya (formerly PayMaya’s) crypto offering, from its announcement last December to its actual launching.
Next, the Asian Development Bank published results from their survey answered by numerous central banks, including our very own Bangko Sentral ng Pilipinas (BSP). The report revealed that the BSP is currently looking and engaging with blockchain solutions providers that can help them do better surveillance of BSP-supervised entities that are utilizing blockchain and cryptocurrency in their businesses.
This is interesting because the Financial Action Task Force (FATF) recently published a report saying that only 11 of 98 surveyed jurisdictions are enforcing the “travel rule” a controversial rule that it wants countries to enforce on crypto companies. The FATF is the global standard-setter of rules and regulations around anti-money laundering.
The Travel Rule is such that if I send crypto from my wallet to another wallet, I should also state who owns the wallet where I’m transferring the crypto. The crypto industry has long complained that this violates privacy and the very essence of blockchain – which is trustless yet transparent. Remember that we can know how much a certain wallet address has because that’s viewable on the blockchain, but it’s impossible to know who owns that wallet (although there is an entire industry dedicated to circumventing this).
Anyway, we must also remember that the Philippines is still on the FATF’s gray list. A country on that gray list is like a signal telling other countries that the Philippines has a higher risk of money laundering and terrorism financing. It is not really a sanction, but it signals international banks and partners to do increased scrutinizing when transacting with the Philippines. As an example – when transferring money from here to abroad, a bank might opt to scan the transaction first (hold it for more days, require more documentation, etc) just because we are on the list.
BitPinas has articles about the FATF that you can check here:
- What is the FATF Travel Rule on Cryptocurrency?
- The FATF, Cryptocurrencies, and the Philippines
- What is the FATF Guidance on DeFi?
- FATF Guidance: NFTs Should Be Regulated Case-by-Case
One would then wonder whether all the recent pronouncements against crypto from the people who will set the rules for crypto in the country (such as new BSP governor Medalla) were all because the country is still not removed from the FATF list.
But crypto is thriving in the country. NFTs and play-to-earn, we are at the forefront of these new innovations. There’s a web3 meetup every week and the Philippines even had a delegation to the recently-held Point Zero Forum in Switzerland. What will happen in the next six months? With the bear market continuing to hard-hit this industry, I suspect that the builders will not stop building, as always, but everyone must be ready for any new pronouncements from the key regulators. I also suspect that Binance finally getting a license here will shake the current crypto landscape, but let’s get to that once it happens.
More News and Features on BitPinas:
- Axie Infinity’s Ronin Bridge Set to Re-opens on June 28
- Local Fintech and Digital Lender Tala Reveals Plans to Leverage Blockchain and Crypto
- Point Zero Forum Recap: CZ: Regulation is Not Enough to Eradicate Problems in Crypto
- Julius Babao on How NFTs Can Attract Traditional Art Collectors
- Marcos Admin Urged to Maximize the Opportunity to Expand Fintech
- Metaverse’s Value Could Hit $5 Trillion in 2030, Equal to Japan’s Economy – Report
- Filipino-Led NFT Game Anito Legends Prepares for Early Access Launch
- YGG Launches Playhouse For Content Creators
- Iconic Pinoy Komiks Character Kenkoy to Become NFT
- Metacon PH is the Online Metaverse Conference for Brands in the Philippines
- Binance Taps Tiktok Star Khaby Lame as Brand Ambassador
- Axie Infinity To Kick Off AxieCon with 3 Tournaments with a Prize Pool of One Million Dollars, the Largest for a Blockchain Game
- Hacktivist Group Anonymous Pledges to Reveal Terra Luna’s Do Kwon’s ‘Crimes’
- Walken Walk-to-Earn App | How to Play and Earn WLKN Guide
- What is Web 3.0?
- Why is Asia a Global Blockchain Forerunner (English and Tagalog)
- Tezos at India Art Fair 2022: Where Climate Change is One of the Focus (English and Tagalog)
- [Event Recap] YGG Roadtrip in Baguio City
- How to Play Genopets | Gene Token Guide Philippines
- Avalanche | How to Buy AVAX in the Philippines
- [Event Recap] Metawoman Event Brings Together Women Leaders of Web3 in One Place
- We haven’t found one, so here’s a recap of the YGG event in Baguio City.
Finally, a meme:
Sign up to the BitPinas Newsletter here!
This newsletter is published on BitPinas: [Newsletter] CryptoPH Wrap-up – BSP Wants More Crypto Surveillance?
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.