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Philippines financial regulators warns crypto users against unregistered and foreign crypto service providers

The Philippines’ central bank, known as Bangko Sentral ng Pilipinas (BSP), issued a public warning against unregistered and foreign crypto service providers on August 20. The business of cryptocurrencies in the Philippines is primarily regulated by the Philippines Central Bank (BSP), which is the country’s primary financial institution.

According to the release:

“The Bangko Sentral ng Pilipinas (Bangko Sentral) strongly urges the public not to deal with virtual asset service providers (VASPs) that are either unregistered or domiciled abroad.”

On the website of the central bank, the number of VASPs that were listed at the end of June was 19. In addition to the danger of price volatility associated with virtual assets, the central bank said that the presence of international VASPs “may provide extra issues for implementing legal repercussions and consumer protection and redress procedures for local users, among other things.”

In addition, the nation’s central bank has issued a caution to its residents, stating that they do not have protection against financial losses that may be incurred as a result of fluctuations in the value of cryptocurrencies. Before engaging in any action that is linked to the VA, the authority issued a warning that “The public should exercise care, perform their own due diligence, and constantly be cognizant of the hazards.” This warning was issued before the public participated in any activity that is related to the VA.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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