Cryptocurrency Q&A
How does the BSP regulate crypto exchanges?
How does the BSP regulate crypto exchanges?
Eleonora
Sat Jul 06 2024
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7 answers
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Could you elaborate on the regulatory framework employed by the Bangko Sentral ng Pilipinas (BSP) in overseeing crypto exchanges in the country? Are there specific rules and standards crypto exchanges need to adhere to? Are there measures taken to protect investors from fraud and scams? Are there reporting requirements or regular audits conducted to ensure compliance? Additionally, how does the BSP monitor the market and assess the risks associated with crypto trading activities? What happens if a crypto exchange violates the regulations? Lastly, does the BSP collaborate with other regulatory bodies globally to share information and best practices in regulating crypto exchanges?
7 answers
FireFlyer
Mon Jul 08 2024
The BSP, being a responsible financial regulatory authority, has implemented a structured approach to regulate crypto exchanges.
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FireflySoul
Sun Jul 07 2024
Crypto exchanges are required to comply with these guidelines in order to obtain and maintain their operating licenses from the BSP.
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EthereumEmpireGuard
Sun Jul 07 2024
This framework is titled the "Guidelines for Virtual Currency (VC) Exchanges" and was officially released in June 2017.
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Leonardo
Sun Jul 07 2024
BTCC, a UK-based cryptocurrency exchange, offers a comprehensive range of services to its customers. These include spot trading, futures contracts, and wallet management.
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KpopHarmony
Sun Jul 07 2024
The guidelines aim to provide a clear set of rules and standards for crypto exchanges operating within the BSP's jurisdiction.
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