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Crypto / Digital Assets
Indonesia Stops Registering New Crypto Businesses
By Editors | 24/08/2022
The moratorium is intended to allow the regulator to focus on improving the governance of crypto exchanges that are already registered.
Enforcement
BSP to Increase Penalties for Misreporting of FX Transactions
By Editors | 23/08/2022
The new penalties regime is intended to help protect the value of the Philippine peso, maintain price stability, and deter future violations.
BSP Drafts New Rules on Financial Services Dispute Resolution
By Editors | 18/08/2022
Complainants can elect for mediation or adjudication only if the complaint cannot be resolved by the FI itself or the BSP’s Consumer Assistance Mechanism.
AML / KYC
Philippine AMLC Tightens Requirements on DNFBPs
By Editors | 18/08/2022
Updated AML/CFT guidelines require DNFBPs to submit proof that their proprietors, partners, directors and principal officers have attended an AML seminar.
BSP Urged to Regulate Away ‘Exorbitant’ Bank Transfer Fees
By Editors | 15/08/2022
Lawmaker Joey Salceda is calling on the BSP to set a cap on transfer fees charged by banks for the use of interbank payment systems.
Crypto / Digital Assets
Philippines: BSP to Suspend VASP Licensing for Three Years
By Editors | 15/08/2022
Starting from 1 September, new VASP licence applications will only be entertained if they come from existing BSP-supervised financial institutions.
Fintech / Regtech
BSP Green Lights Q3 Launch of GoTyme Digital Bank
By Editors | 05/08/2022
GoTyme Bank, a joint venture of digital banking group Tyme and members of the Gokongwei Group of companies, was awarded a Certificate of Authority.
BSP to Ease Documentary Requirements for FX Transactions
By Editors | 31/07/2022
The BSP has proposed draft rules to ease the documentary requirements for registering inward investments and FX remittances to fund investments.
Fintech / Regtech
Five ASEAN Central Banks to Link Payment Systems
By Editors | 21/07/2022
The central banks of Indonesia, Malaysia, the Philippines, Singapore and Thailand will formally sign an agreement on payment connectivity in November.
Fintech / Regtech
Philippines: UnionBank Commences Digital Banking Operations
By Editors | 20/07/2022
UnionDigital Bank commenced operations on Monday after receiving the BSP’s green light for the launch last week.
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