Guidelines for Virtual Asset Providers, Bangko Sentral ng Pilipinas Circular No. 1108

The Guidelines govern the operations and reporting obligations of Virtual Asset Providers (VASP) in the Philippines to ensure that the Virtual Asset (VA) systems shall not be misused for purposes of money laundering, terrorist financing and proliferation financing activities. A VASP is required to secure a Certificate of Authority to Operate from the Bangko Sentral ng Pilipinas (BSP) before it can be allowed to operate as a money service business, and shall further comply with the registration requirements by the BSP. The Guidelines also recognizes the "travel rule" requirement imposed upon the VASPs to secure the originator and beneficiary information for VA transfers amounting to PHP 50,000 or more, or its equivalent, in foreign currency which is intended to deter the commission of money laundering and other financial crimes.