The Philippines tightens reporting requirements for virtual asset service providers and plans to launch a new reporting portal before January next year

ChainCatcher news, the Bangko Sentral ng Pilipinas (BSP) plans to tighten reporting requirements for virtual asset service providers (VASP) to enhance data collection and supervision. The BSP released a draft notice over the weekend, revealing that a new reporting portal for all VASPs will be launched by January 1, 2025.

The notice outlines the new reporting requirements aimed at bridging data gaps, reducing information discrepancies, improving data collection, and enhancing the quality of data related to virtual assets and VASPs.

According to the bank, VASPs will be required to submit 13 reports at different intervals. Monthly, they must submit two reports on transaction volume, value, and total assets under custody. Seven reports are required quarterly, including data on operational offices, websites, and account holder statistics. Additionally, three reports must be submitted biannually. An audited financial statement must also be provided annually.

VASPs must submit currency service business reports using existing channels in the first two quarters of 2025. After that, unless otherwise instructed, all submissions must switch to the new reporting portal.

Entities that fail to comply with these requirements will face enforcement actions. VASPs must submit feedback on the proposed changes by December 13.