The Central Bank of the Philippines also known as the Bangko Sentral ng Pilipinas (Bangko Sentral) has issued a warning to citizens urging them to stay away from unregulated virtual asset service providers(VASP).
As contained in the published announcement, Bangko Sentral emphasized that virtual assets are a risky asset class with high volatility which in turn will lead to huge financial losses from price fluctuation.
Based on a statement made by Bangko Sentral ng Pilipinas, the public is urged to desist from going into business with VASPs that are either unregistered or domiciled abroad. Already, there is a high risk of price volatility in the crypto ecosystem, additionally, VASPs located outside the country’s region may “present an additional challenge on enforcing legal recourse and consumer protection and redress mechanisms for local customers, among others.”
To clarify, BSP explained that the government and the registered VASPs do not surely guarantee protection against fund...
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