REGULATORS are backing a measure seeking to institutionalize rules covering digital assets like e-money and cryptocurrency for improved monitoring and consumer protection. READ
led by Senator Maria Imelda Josefa “Imee” R. Marcos on July 7 seeks to require the registration of digital asset enterprises and their operators.ning what digital assets are and standardizing the process for the licensing and operation of e-money, virtual asset exchanges, and virtual asset businesses,” Ms. Marcos said in the bill’s explanatory note.
“As such, there is a sentiment around the world for virtual assets to be recognized and regulated in order to facilitate acceptability and use while minimizing the dangers and risk associated with them,” she said. “As far as the BSP is concerned, we don’t regulate virtual assets per se. While there are close to 20,000 cryptocurrencies that are in circulation right now, what we regulate are the virtual assets service providers ,” BSP Director Melchor T. Plabasan said during an organizational meeting of the Senate Committee on Banks, Financial Institutions and Currencies on Tuesday that tackled the bill.
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