Philippines toughens rules on crypto-exchanges

Bitcoin accepted
The Central Bank of the Philippines has been one of the first to formally regulate crypto-assets

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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