CryptoMystic
Sat Jun 08 2024
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7 answers
1514
Is crypto banned in the Philippines?｜Cryptocurrency regulations In the Philippines, ; however, crypto coins are not considered 'legal tender' as they are not issued by the BSP. In 2021, the Central Bank released the Guidelines for VASPs.cryptocurrency transactions are legal
I'm curious, is crypto banned in the Philippines? I've heard conflicting reports about the regulations surrounding cryptocurrency there. I understand that crypto coins are not considered 'legal tender' as they are not issued by the BSP, but does that mean they are completely banned? Or are there certain regulations in place that allow for cryptocurrency transactions to be legal? I'm trying to understand the current situation in the Philippines regarding cryptocurrencies.
Caterina
Sat Jun 08 2024
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6 answers
1517
Does Philippines accept crypto?｜In the Philippines, ; however, crypto coins are not considered 'legal tender' as they are not issued by the BSP. In 2021, the Central Bank released the Guidelines for VASPs.cryptocurrency transactions are legal
Does the Philippines officially accept cryptocurrencies? While crypto coins are not recognized as 'legal tender' in the Philippines since they are not issued by the Bangko Sentral ng Pilipinas (BSP), the Central Bank did release Guidelines for Virtual Asset Service Providers (VASPs) in 2021. Does this mean that cryptocurrency transactions are considered legal in the country?
CryptoVanguard
Sat Jun 08 2024
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6 answers
1281
What is the travel rule for cryptocurrency?｜The Travel Rule is a key AML/CFT measure which .mandates that VASPs obtain, hold, and exchange information about the originators and beneficiaries of virtual asset transfers
Could you please elaborate on the Travel Rule for cryptocurrency? It's mentioned as a crucial AML/CFT measure, but I'm not entirely clear on how it works. Specifically, what does it mean for VASPs to obtain, hold, and exchange information about the originators and beneficiaries of virtual asset transfers? How does this help in preventing money laundering and terrorism financing?
CryptoProphet
Sat Jun 08 2024
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7 answers
2016
What is the travel rule for crypto in Hong Kong?｜Hong Kong Crypto Travel Rule Specifications . This means certain information must be obtained and shared with the participating VASPs: The name of the business or individual making the transaction (the originator).All virtual asset transfers that exceed 8,000 HKD (1,000 USD) must be subjected to the terms of the rule
Could you please clarify what the travel rule for cryptocurrency specifically entails in Hong Kong? It seems that certain transactions involving virtual assets above a certain threshold must adhere to certain regulations. Would you mind explaining what kind of information needs to be gathered and shared with participating VASPs? Is it the identity of the individual or business involved in the transaction, also known as the originator? And just to confirm, are all virtual asset transfers exceeding 8,000 HKD (or approximately 1,000 USD) subject to these rules? Thank you for your assistance in clarifying this matter.
EclipseRider
Sat Jun 08 2024
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5 answers
1434
What is the compliance of cryptocurrency in UAE?｜, which includes conducting business according to a Risk-Based Approach (RBA). The SCA implemented this in 2018 with Federal Law No.All VASPs, such as crypto trading platforms, must adhere to the national federal AML/CFT regulations mandated by the Securities and Commodities Authority
Could you please elaborate on the compliance requirements for cryptocurrency in the United Arab Emirates? Specifically, how does the Risk-Based Approach (RBA) factor into these regulations? I understand that the Securities and Commodities Authority (SCA) implemented this approach in 2018 through Federal Law No. However, I'm interested in knowing more about how Virtual Asset Service Providers (VASPs), such as crypto trading platforms, are required to adhere to the national federal Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations mandated by the SCA. Could you provide some insight into this?
