Given guidelines Circular 1108 and Memorandum M-2023-042 from the Bangko Sentral ng Pilipinas (BSP) and Financial Action Task Force (FATF) for Virtual Asset Service Providers (VASPs), it is now required to input the beneficiary name when sending funds to external cryptocurrency wallets.
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 Memorandum M-2023-042 for more updated information.
Kindly ensure details provided are correct and factual, as incorrect and/or fictitious details can lead to your transactions being rejected upon verification. This would also be the case for Names, Platforms and Addresses provided which may be connected to illicit activities, which are strictly be prohibited.
All information submitted to our platform will be treated with utmost confidentiality.
You may refer to this article for more information on how the Travel Rule affects external transfers.