The Philippine central bank (BSP) plans to tighten reporting requirements for Virtual Asset Service Providers (VASPs) to enhance data collection and oversight. Over the weekend, BSP issued a draft circular revealing its intention to launch a new reporting portal for all VASPs by January 1, 2025.
The circular outlines new reporting requirements designed to address data gaps, reduce information discrepancies, improve data collection, and enhance the quality of data on virtual assets and VASPs.
According to BSP, VASPs will need to submit 13 reports at varying intervals. Monthly reports include two submissions on transaction volume, value, and total custodial assets. Quarterly reports involve seven submissions, including data on operational offices, websites, and account holder statistics. Three reports are required semi-annually, and an audited financial statement must be submitted annually.
VASPs are required to use existing channels for currency service business reports during the first two quarters of 2025. Thereafter, all submissions must transition to the new reporting portal unless otherwise instructed.
Entities failing to comply with these requirements will face enforcement actions. VASPs must submit feedback on the proposed changes by December 13.