Philippine central bank to tighten regulations for bitcoin operators

Regulation | June 6, 2016 By:

The Philippine central bank announced that it is looking at regulating bitcoin operators to ward off laundering and technology crimes.

“Bangko Sentral ng Pilipinas will tighten its oversight of foreign-exchange dealers and remittance companies in the next two to three months,” said deputy governor Nestor Espenilla.

Bitcoin startups in the Philippines such as coins.ph and rebit.ph which partnered last year with ZipZap, have become popular over the past two years. Espenilla said that bitcoin users have more than doubled in the first half of last year.

“That is what we are looking to do, whether it is now time to impose hard regulations for virtual currency operators. Right now, we look at them as akin to remittance companies,” Espenilla said.