The International Monetary Fund has encouraged the Central Bank of The Philippines to collect data related to cross-border flows of encrypted assets.
The IMF made this recommendation in the form of a report issued on December 30, explaining that “The Philippines may become an important market for crypto-assets.”
The IMF said that local cryptocurrency exchanges should be listed as remittance companies, stressing on the implementation of specific safeguards such as combating money laundering and terrorist financing, as well as risk management and consumer protection.
The Bangko Sentral ng Pilipinas (BSP) should gather data on International financial flows using crypto assets and aggregated data on gross transactions from the exchanges on a quarterly basis, the IMF requested.
Most governments in the world are now tending to give more space to the cryptocurrency market legally, but some concerns remain in debate.