Philippines tightens reporting requirements for virtual asset service providers, plans to launch new reporting portal by January next year

The Bangko Sentral ng Pilipinas (BSP) plans to tighten reporting requirements for virtual asset service providers (VASPs) to strengthen data collection and supervision. The BSP released a draft circular last weekend, revealing that a new reporting portal for all VASPs will be launched by January 1, 2025. The circular details new reporting requirements to close data gaps, reduce information discrepancies, improve data collection, and enhance data quality on virtual assets and VASPs. According to the bank, VASPs are required to submit 13 reports at varying intervals. Monthly, they must submit two reports on transaction volume, value, and total assets under custody. Seven reports are required to be submitted quarterly, which include data on operating offices, websites, and account holder statistics. Another three reports are submitted semi-annually. Audited financial statements must also be provided annually. VASPs must submit money services business reports using existing channels in the first two quarters of 2025. Thereafter, they must switch to the new reporting portal for all submissions unless otherwise directed. Entities that fail to comply with these requirements will face enforcement action. VASPs have until December 13 to submit feedback on the proposed changes.