Philippines central bank enforces virtual currency regulation

Crypto-currency exchanges in the Philippines will have to adhere to new rules or face penalties

The Central Bank of the Philippines (BSP) published new guidelines regulating virtual currency exchanges on February 6.

The new guidelines, which set out regulations for exchanges (institutions converting or exchanging virtual currency into fiat currency or vice versa) rather than "virtual currency creators", were approved by the central bank's monetary board on January 19 and come into effect on February 21.

Virtual currency exchanges are now legally required to apply for a 'certificate of regi