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BSP to launch new reporting portal for VASPs on January 1, 2025, enhancing oversight and data quality.VASPs must submit thirteen reports at specified intervals, including monthly, quarterly, semi-annual, and annual filings.Non-compliance with new reporting standards will lead to enforcement actions, underscoring BSP's commitment to strict regulatory oversight. 
The Philippines is advancing its regulation of the virtual asset sector through a new reporting system initiated by the Bangko Sentral ng Pilipinas (BSP). A reporting portal is scheduled for launch on January 1, 2025, with a draft circular released recently outlining enhanced data submission requirements for virtual asset service providers (VASPs).

 
 
 
Under the updated rules, VASPs must submit thirteen reports at specified intervals to ensure thorough oversight. Monthly submissions require two reports detailing transaction volumes, values, and total assets under custody. Additionally, quarterly filings must include seven data points, such as operating office locations, websites, and account holder demographics. Semi-annual duties involve three further reports, while an audited financial statement is necessary each year.

 
 
 
The initiative addresses data gaps, minimizes information inconsistencies, and improves the overall quality of virtual asset-related data. The BSP seeks to establish a transparent and secure ecosystem through these requirements, promoting trust and stability within the virtual asset market.

 
 
 
New Reporting Portal for VASPs

 
 
 
Initially, Virtual Asset Service Providers will continue submitting Money Service Business reports through current channels during the first half of 2025. Afterward, submissions must shift to a newly introduced reporting portal unless the BSP issues alternative guidelines. This adjustment aims to enhance the efficiency of data collection, enabling improved monitoring of virtual asset operations nationwide.

 
 
 
Non-compliance with updated reporting standards will result in enforcement actions, underscoring the BSP’s commitment to stringent regulatory oversight. VASPs have until December 13 to provide feedback on the proposed framework, allowing the BSP to incorporate industry perspectives and finalize the system effectively.

 
 
 
Currently, only 14 VASPs hold registration with the BSP, with seven actively operating. Notable entities include Maya Philippines, Philippine Digital Asset Exchange (PDAX), Betur Inc. (COINS PH), Bloomsolutions Inc, Direct Agent 5 (SurgePay Mobile App), Moneybees Forex, and TopJuan Technologies Corp. The BSP advises the public to remain vigilant when transacting with unregistered or overseas-based VASPs to mitigate risks linked to unauthorized operators.

 
 
 
Philippines Bans Online Gambling

 
 
 
The Philippines is advancing financial regulation by addressing virtual assets alongside other national security concerns. In July 2024, President Ferdinand Marcos Jr. banned online gambling operations due to links with crimes including murder, kidnapping, and human trafficking. This ban targets Philippine Offshore Gaming Operators (POGOs), which have faced accusations of engaging in financial scams, money laundering, and other illegal practices beyond their primary activities.

 
 
 
The central bank’s regulation of virtual assets aligns with the broader governmental crackdown on POGOs, showing a unified strategy to strengthen financial oversight and ensure public safety. Introducing 13 new reporting measures underscores efforts to create a secure framework for virtual asset transactions, aiming to balance innovation with stringent regulatory standards.

 
 
 
In May 2020, the central bank issued guidelines for virtual assets and service providers to curb risks like money laundering and terrorist financing. The bank acknowledged the efficiency and cost-effectiveness of virtual asset transfers while stressing the need to address risks stemming from anonymity, rapid transaction speeds, price fluctuations, and global reach.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With over 3 years of crypto writing experience, Bena strives to make crypto, blockchain, Web3, and fintech accessible to all. Beyond cryptocurrencies, Bena also enjoys reading books in her spare time.
