Exiting the grey list will improve the country’s international financial reputation, reduce financial transaction costs, and benefit overseas Filipino workers through smoother remittance processes.
This is the recap of the 36th episode of the BitPinas Webcast with Atty. Jennifer Densen, who serves as legal counsel for Bitshares Labs and is the founder of Densen Law; Atty. Robert De Guzman of Coins.ph; and Atty. Michelle Regala Niebres from PDAX.
As the Philippines strives to resolve its AML/CFT deficiencies, the cryptocurrency sector must brace for possible impacts.
The FATF wants its member countries to enforce AML and terrorist financing rules (TFC) on crypto providers.
The BSP has reminded banks anew to make sure their institutions will not be used for money laundering.
![[Newsletter] CryptoPH Wrap-up – BSP Wants More Crypto Surveillance?](https://bitpinas.com/wp-content/uploads/2022/07/CRYPTO-INSIGHT-NEWSLETTER-1-1-768x402.png "[Newsletter] CryptoPH Wrap-up - BSP Wants More Crypto Surveillance? 6")
Are the recent “dismissiveness” about crypto by our regulators is really because the Philippines is still in the FATF Gray list?
This initiative is meant to implement the firm’s compliance with the ‘Travel Rule,’ a government policy that requires customers to divulge personally identifiable information when their transactions exceed a certain threshold.
In cases where NFTs are used in such a way that falls under FATF standards, the body insists that it should still be regulated using a “functional approach.”
Even if the design of DeFi lets transactions happen without intermediaries, anyone behind the DApp would still be responsible for AML checks.
The FATF document consists of six red flag indicators that may indicate suspicious activities or attempts to evade law enforcement.
