Philippine Central Bank To Tighten Reporting Requirements For Virtual Asset Providers

According to Odaily, the Philippine Central Bank (BSP) is set to enhance its reporting requirements for Virtual Asset Service Providers (VASPs) to improve data collection and oversight. A draft notice released by BSP last weekend outlines plans to introduce a new reporting portal for all VASPs by January 1, 2025. The notice specifies new reporting requirements aimed at addressing data gaps, reducing information discrepancies, and enhancing the quality of data related to virtual assets and VASPs. VASPs will be required to submit 13 reports at varying intervals. Monthly submissions will include two reports detailing transaction volumes, values, and total assets under custody. Quarterly, seven reports will be necessary, covering data on operational offices, websites, and account holder statistics. Additionally, three reports must be submitted biannually, and audited financial statements are required annually. During the first two quarters of 2025, VASPs must use existing channels to submit monetary service business reports. Subsequently, unless otherwise directed, all submissions must transition to the new reporting portal. Entities failing to comply with these requirements will face enforcement actions. VASPs are expected to provide feedback on the proposed changes by December 13.