With the passage of time, the cryptocurrency industry has expanded its branch and network all across the world. There used to be a time when the cryptocurrency industry was only limited to developed countries. There were many speculations that the industry would remain restricted to such countries due to their technology and nature.
However, the industry has proven that it is adaptable by any country that has the resources to afford it. This is exactly why the cryptocurrency industry was introduced that it was going to facilitate individuals from all around the world.
The main focus of the industry was to provide individuals the freedom of sharing their personal information with whomever they want. There are no restrictions on cryptocurrency users as to what kind of information they need to provide the providers and whatnot.
Before the launch of the cryptocurrency industry, it was the traditional finance sector that ruled the majority of the people. It was up to them whether they wanted to provide services to someone or not based on their background and history.
This is where the cryptocurrency industry came in with a change as the first thing it did was provide an alternative to traditional financing. It removed the element of intermediary between the buyer and the seller. This provided an opportunity for the buyers and sellers to interact directly with each other without having to pay any charges.
Now the industry is expanding all over the world and the country that is adopting crypto-technology by the masses is the Philippines.
The country has been experiencing accelerated growth when it comes to adoption of the cryptocurrency/blockchain technology. This is the reason why the country is now looking to introduce more regulations and policies around the crypto-industry.
According to sources, the central bank of the Philippines Bangko Sentral ng Pilipinas (BSP), has recently taken an action surrounding the crypto-industry. The central bank has announced that it is going to expand the regulations around the cryptocurrency industry. This step is extremely necessary to ensure that the cryptocurrency industry is safe, secure, profitable, and most importantly, regulated for the citizens.
The new infrastructure that the central bank of the Philippines is working on is in accordance with the guidelines provided by the FATF. The full form of FATF is the Financial Action Task Force.
The announcement by the BangkoSentral ng Pilipinas (BSP) regarding the new regulatory guidelines was made on January 26, 2021. As of now, the guidelines have already been approved by The Monetary Board (MB) for the virtual asset service providers (VASP). These guidelines will also be implemented on entities that facilitate financial services by conducting activities through virtual assets.
The central bank of the Philippines has confirmed that the new guidelines have been added to the regulations that were implemented back in 2017.