The Bangko Sentral ng Pilipinas has released Circular 1108 regarding guidelines on Virtual Asset Service Providers (VASPs), which includes the Travel Rule of the Financial Action Task Force (FATF).
What is a VASP?
According to Circular 1108, a Virtual Asset Service Provider (VASP) refers to any entity that offers services or engages in activities that provide facility for the transfer or exchange of VA (Virtual Assets), which involve the conduct of one or more of the following activities:
- Exchange between VAs and FIAT currencies;
- Exchange between one or more forms of VAs;
- Transfer of VAs; and
- Safekeeping and/or administration of VAs or instruments enabling control over VAs
How does the travel rule affect me?
As a registered VASP, Coins.ph must collect required information to be able to process VA transfers, including transactions associated with a VA transfer. You may refer to the "Transactional Requirements for VASPs" section in Circular 1108 for more information.
Given this requirement, Coins.ph customers must now provide the following information for external cryptocurrency transfers:
| Sending cryptocurrencies to external wallets |
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| Receiving cryptocurrencies from external wallets |
For transactions amounting to ₱50,000 and above:
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Would my recipient receive all my details/information as well?
No, the information that will be provided for these transactions will be treated as confidential and in compliance with data privacy standards.
