ChainCatcher message, the Central Bank of the Philippines (BSP) plans to tighten reporting requirements for Virtual Asset Service Providers (VASP) to enhance data collection and oversight. BSP released a draft notice over the weekend, revealing that a new reporting portal for all VASPs will be launched by January 1, 2025.
The notice details the new reporting requirements aimed at bridging data gaps, reducing information discrepancies, improving data collection, and enhancing the data quality of virtual assets and VASPs.
According to the bank, VASPs are required to submit 13 reports at different intervals. Monthly, they must submit two reports on transaction volume, value, and total assets under custody. Seven reports are required quarterly, including data on operating offices, websites, and account holder statistics. Additionally, three reports must be submitted biannually. Audited financial statements must also be provided annually.
VASPs must submit currency service business reports using existing channels in the first two quarters of 2025. After that, unless otherwise directed, all submissions must switch to the new reporting portal.
Entities that do not comply with these requirements will face enforcement actions. VASPs must submit feedback on the proposed changes by December 13.