#VASP BSP

The Bangko Sentral ng Pilipinas (BSP), under BSP Circular No. 1108 series of 2021, published new rules regulating Virtual Asset Services Providers (VASPs) that offer their services or engage in VASP activities in the Philippines. The guidelines cover the registration and the granting of a license of VASP. To understand what VASP is, we must first familiarize ourselves with a virtual currency. The BSP has decided to refer to virtual currencies as defined under Circular No. Meanwhile, the BSP also recognizes opportunities and risks in the use of cryptocurrencies. The BSP's recent policy amendments have focused on improving its regulatory and supervisory response to money service business activities harnessing the technology of virtual currencies (VCs). The BSP noted that similar to VCs, VAs are not issued nor guaranteed by any jurisdictions and do not have legal tender status. Read more in our articles including "What is a Virtual Asset Service Provider (VASP)?" and "What is the BSP Online Buddy (BOB) and how to use it".