at assisting applicant firms to strengthen their VASP registration application and their AML/CFT frameworks accordingly.
a licensing regime for VASPs in June this year, which imposes statutory AML/CTF requirements for companies that wish to operate in the nation.The regulatory landscape of the Philippines is still in a fairly nascent stage as there is no strict restrictive regulation for both businesses and individuals at the moment. In fact, the government of the country, in tandem with its central bank, seems keen to adopt blockchain technology and implement its use cases in various sectors of the economy.
Earlier this year, in May, the Philippines government’s Department of Science and Technology started a blockchain training program for researchers in the department. Through the training program, the government is looking to adopt blockchain in areas such as healthcare, financial support, emergency aid, issuance of passports and visas, trademark registration and government records, among others.
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