The Bangko Sentral ng Pilipinas (BSP) has implemented strict guidelines for Virtual Asset Service Providers (VASPs) through Circular 1108. These regulations are designed to enhance the security and integrity of cryptocurrency transactions, particularly those involving significant amounts
What is Circular 1108?
Under Circular 1108, Virtual Asset (or cryptocurrency) transfers from Virtual Asset Service Providers (such as Coins.ph) amounting to PHP 50,000 and above are required to submit the following information in order to receive the funds:
- Sender’s Name: The full name of the person or entity sending the funds.
- Sender’s Wallet Address: The unique address from which the cryptocurrency is being sent.
- Sender's Exchange Platform: The platform used by the sender to initiate the transaction.
- Sender’s Address: The physical address of the sender.
Would my sender 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.
Best Practices for Users
- Maintain accurate personal information
- Prepare required details before transactions
- Understand platform-specific requirements
- Stay informed about regulatory changes
You may learn more on how does the Travel Rule affect external transfers here.