BSP eyeing adoption of blockchain in some programs

POPULAR POST

OpenGuild and Web3 Bulacan Launch BYAHENG PILIPINAS: The First...

BYAHENG PILIPINAS is a six-week bootcamp program and four-week hackathon offering participants in-depth training in blockchain development, smart contract creation, and Polkadot SDK, culminating in a high-stakes Grand Demo Day to be held in Manila.

Consensys Annual Study Highlights Growing Familiarity with Web3, Crypto,...

Consensys, the leading blockchain and web3 software company behind MetaMask, announced the findings of its second global opinion survey on crypto and web3 conducted online by international online research data and analytics technology group YouGov.

Bitskwela, Sonic Labs launch Blockchain Student Alliance to fill...

Despite the growing focus on blockchain in the Philippines, gaps persist in students' understanding and practical application of the technology, according to Filipino-led edutech firm Bitskwela.

Archax provides access to abrdn money market fund on...

Archax, the first FCA regulated digital asset exchange, broker, and custodian, has provided access to a money market fund from UK asset manager abrdn in tokenized form on the XRP Ledger (XRPL), a decentralized blockchain.

YGG Play Summit Arena of Faith Tournament Ends with...

The first Arena of Faith (AOF) LAN tournament at the YGG Play Summit ended on November 19, 2024, with SylphyT1 of YGG guild partner Sylphy Academy announced as the battle’s winning team.

Kadiliman Esports Wins Indus Tournament at the YGG Play...

The YGG Play Summit Indus tournament concluded on November 20, 2024, with Kadiliman Esports triumphing over Sylphy Academy during the finals

The Bangko Sentral ng Pilipinas (BSP) is looking to adopting blockchain solutions to some of its programs in the exercise of its regulatory authority over virtual asset service providers (VASPs) and virtual currency exchanges (VCEs), officials said.

Melchor Plabasan, director of the Technology Risk and Innovation Supervision Department of the BSP, told the Senate committee on banks, financial institutions, and currencies in a recent hearing that the central bank are implementing reforms to allow it address challenges to the applicability of the existing regulations to evolving digital products and services like NFTs and other virtual assets.

“You mentioned about the use of technology, so we are also in the process of automating a lot of processes in the BSP. Even with respect to how we do supervision and surveillance. We are now in the process of acquiring solutions. In terms of let’s say, we have one on cybersecurity. We are also planning to acquire a blockchain analytics solution to strengthen our surveillance over VASPs,” Plabasan told the panel chaired by Sen. Mark Villar.

He clarified the BSP, which estimates that there close to 20,000 cryptocurrencies, does not regulate virtual assets per se but VASPs

He said the BSP in 2021 expanded its scope of regulation and supervision under Circular 1108 to include other activities which are “incidental or crucial” in the performance of exchange between fiat and virtual assets. 

“So that includes now even exchange between VAs or transfer of VAs and even safekeeping or custodian,” Plabasan said.

The BSP, he said, has a very stringent licensing process for entities wanting to engage in money service business in the country that includes a detailed evaluation of the applicant’s systems as well as a “walkthrough” to assess security infrastructure, consumer protection mechanism, cybersecurity, anti-money laundering program, and others.

He said the Financial Action Task Force, the global anti-money laundering watchdog, is issuing a new set of standards for VASPs and VCEs and the BSP is studying their implications on existing regulation.

Subscribe to our newsletter

Its easy to be smart about crypto, allow us to send you weekly updates on digital assets, crypto, NFTs and fintech.

WANT TO KNOW MORE?

OpenGuild and Web3 Bulacan Launch BYAHENG PILIPINAS: The First Nationwide Bootcamp...

BYAHENG PILIPINAS is a six-week bootcamp program and four-week hackathon offering participants in-depth training in blockchain development, smart contract creation, and Polkadot SDK, culminating in a high-stakes Grand Demo Day to be held in Manila.

Consensys Annual Study Highlights Growing Familiarity with Web3, Crypto, and Blockchain...

Consensys, the leading blockchain and web3 software company behind MetaMask, announced the findings of its second global opinion survey on crypto and web3 conducted online by international online research data and analytics technology group YouGov.

Bitskwela, Sonic Labs launch Blockchain Student Alliance to fill blockchain education...

Despite the growing focus on blockchain in the Philippines, gaps persist in students' understanding and practical application of the technology, according to Filipino-led edutech firm Bitskwela.

Archax provides access to abrdn money market fund on the XRP...

Archax, the first FCA regulated digital asset exchange, broker, and custodian, has provided access to a money market fund from UK asset manager abrdn in tokenized form on the XRP Ledger (XRPL), a decentralized blockchain.

YGG Play Summit Arena of Faith Tournament Ends with Sylphy Academy...

The first Arena of Faith (AOF) LAN tournament at the YGG Play Summit ended on November 19, 2024, with SylphyT1 of YGG guild partner Sylphy Academy announced as the battle’s winning team.

Kadiliman Esports Wins Indus Tournament at the YGG Play Summit

The YGG Play Summit Indus tournament concluded on November 20, 2024, with Kadiliman Esports triumphing over Sylphy Academy during the finals