CoinVoice has recently learned that the Bangko Sentral ng Pilipinas (BSP) plans to tighten reporting requirements for virtual asset service providers (VASP) to enhance data collection and oversight. The BSP released a draft notice over the weekend, revealing that a new reporting portal for all VASPs will be launched before January 1, 2025.
The notice details the new reporting requirements aimed at bridging data gaps, reducing information discrepancies, improving data collection, and enhancing the quality of data related to 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, which include data on operational offices, websites, and account holder statistics. Additionally, three reports must be submitted semi-annually. Audited financial statements must also be provided annually.
VASPs must submit currency service business reports using existing channels for the first two quarters of 2025. Thereafter, unless otherwise instructed, all submissions must switch to the new reporting portal.
Entities that fail to comply with these requirements will face enforcement actions. VASPs must submit feedback on the proposed changes by December 13. [Original link]