Automated Teller Machines (ATMS) for Virtual Currencies

BANoKo SexrneL No Prr-rplnag OFFICE OF THE DEPUW GOVERNOR FINANCIAT SUPERVISION SECTOR MEMORANDUM NO. M-2019-!gq To : ALL BSP-SUPERVISED FINANCIAI INSTITUTIONS (BSFtsl Subject : Automated Teller Machines (ATMs! for Virtual Currencies Circular No. 944 dated 6 February 2OL7 reters to Virtual Currency Exchange (VCE) as any entity that offers services or engages in activities that provide facility for the conversion or exchange of fiat currency to VC or vice versa. The said circular also provides the detailed rules and regulations governing the registration, operations and reporting obligations of VCEs in the Philippines. In this regard, operators of ATMs that allow purchase or exchange of VCs (for example, Bitcoin) or other devices with similar functionality and capability, are considered as VCEs and should register with the BSP pursuant to Circular No. 944. As registered VCEs, they should comply with anti-money laundering/terrorist financing laws and regulations, ensure sufficient and appropriate controls and governance framework are adopted to manage the associated technology and other operational risks, and put in place adequate consumer protection and customer support, among others. For information and immediate compliance. ill March2otg A. Mabinist., Malate 1004 Manila, phitippines e (632) 7087701 . www.bsp.6;ov.ph . [email protected];ov.ph