Bitcoin and Cryptocurrency Regulation in the Philippines

Abstract

On February 6, 2017, the Bangko Sentral ng Pilipinas (“BSP”) issued the Guidelines for Virtual Currency Exchanges (BSP Circular No. 944, or “Circular”), providing the rules and regulations governing operations of Virtual Currency (“VC”) Exchanges in the Philippines. The Circular is incorporated as Section 4512N of the Manual of Regulations for Non-Bank Financial Institutions (“MORNBFI”). This article provides an overview of the Circular.