Techub News reports that the Central Bank of the Philippines (BSP) plans to tighten reporting requirements for virtual asset service providers (VASP) to enhance data collection and oversight. The BSP will launch a new reporting portal for all VASPs by January 1, 2025.
VASPs need 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 operational offices, websites, and account holder statistics. Additionally, three reports are submitted biannually. An audited financial statement must also be provided annually. VASPs must use existing channels to submit currency service business reports in the first two quarters of 2025. After that, unless otherwise instructed, 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.