Philippines toughens rules on crypto-exchanges
Philippines is one of the few central banks to adopt formal regulations on crypto-asset exchanges
The Central Bank of the Philippines (BSP) has laid down addition requirements for crypto-asset or “virtual currency” exchanges in a bid to strengthen protection for customers.
Under the current regulatory framework, exchanges that facilitate the conversion of crypto-assets into fiat currency or vice versa are required to register with the central bank as remittance and transfer companies.
If these exchanges also require the clients to “maintain a Philippine peso (PHP) wallet” or if their
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