WebClick Tracer

September 24, 2023

BSP warns against unregulated crypto providers

The country’s regulator said that engaging with unregistered firms may lead to losses.

Bangko Sentral ng Pilipinas issued strong public cautions against unregulated and offshore virtual asset service providers (VASPs), which pose high risks and could lead to huge financial losses due to volatility. The BSP even said that licensed VASPs in the Philippines do not have utmost protection since virtual assets (VA) typically pose high risk activities because of price fluctuations.

The BSP also cited rampant scams due to a large portion of VA-based crimes, thereby reminding the public to exercise utmost caution.

The BSP issue warnings to the public not to deal with unlicensed crypto dealers.


Three rural banks merge to enhance financial stability

Three rural banks have successfully merged in a move aimed at bolstering their financial stability, as confirmed by the Bangko Sentral ng Pilipinas (BSP). The merger officially took effect on July 13, following the necessary regulatory approvals, as detailed in a circular letter signed by Bankero and BSP Deputy Governor Chuchi G. Fonacier on September 15.

Read More ...