To date, there are two virtual currency exchanges registered with the BSP with several more under evaluation. We have also allowed proportionate and technology-enabled Know-Your-Customer (KYC) procedures for low-risk clients to facilitate frictionless customer on-boarding. More recently, the Monetary Board approved the cyber security risk management framework under Circular No. 982.
Finally, we are pursuing digitization of the payment system as part of our firm commitment to the national strategy for financial inclusion. The BSP is actively working to make universally available to all a basic transaction account in a bank or regulated non-bank financial institution, to be able to send and receive payments via any electronic device.