MANILA – The Bangko Sentral ng Pilipinas on Monday advised the public to transact using registered Virtual Currency Exchanges and VC ATMs for conversion of Bitcoins and other digital tender.
Registered Virtual Currency Exchanges (VCEs) facilitate conversion of virtual currencies to fiat currencies and vice versa, the BSP said in an advisory.
Companies involved in virtual currencies are required to comply with anti-money laundering and anti-terrorist financing regulations and to appropriately manage technology and operational risks for consumer protection, the BSP said.
“The BSP recommends that VC users deal only with BSP-registered VCEs and maintain only sufficient amount of VC to cover transactional requirements,” it said.
Visit the BSP website for the official list of registered currency exchange service.