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VIRTUAL ASSETS. The Bangko Sentral ng Pilipinas (BSP) urges the public to take extra caution in dealing with virtual asset service providers (VASPs), taking into consideration whether these are unregistered or are based overseas. It said VA transactions are also considered high risk, thus dealing with erring firms will provide extra challenges to the detriment of the public. (File photo) MANILA - The Bangko Sentral ng Pilipinas (BSP) has cautioned the public against dealing with virtual asset service providers (VASPs) that are unregistered or those that are based overseas, citing the challenges and risks they may face. Aside from risk on price volatilities, the central bank said "VASPs that are based abroad may present additional challenge(s) on enforcing legal recourse and consumer protection and redress mechanisms for local customers, among others." Virtual assets (VAs) are electronic forms of assets like the virtual currencies that can be traded digitally or be used as pay

Bangko sentralVirtual assets the bangko sentral ng pilipinas bsp urges public to take extra caution in dealing with asset service providers vaspsAking into consideration whether these are unregistered or based overseas it said va transactions also considered high riskHus dealing with erring firms will provide extra challenges to the detriment of public file photo manila bangko sentral ng pilipinas bsp has cautioned against virtual asset service providers vasps that are unregistered or those based overseasIting the challenges and risks they may face aside from risk on price volatilitiesHe central bank said quot vasps that are based abroad may present additional challenges on enforcing legal recourse and consumer protection redress mechanisms for local customersMong others quot virtual assets vas are electronic forms of like the currencies that can be traded digitally or used as payment bsp has yet to issue its own digital currencyHus its usage here in the philippines is not yet guaranteed by central bank ina press release issued on wednesdayHe bsp said quot va dealings are generally considered high risk activities which may result in huge financial losses due to price swings furtherOth the government and registered vasps do notN any wayUarantee protection against financial losses stemming from va price fluctuationsUot it said citing latest dataHe bsp said quot frauds and scams have consistently contributed toa large portion of va based crimes thusHe public should exercise cautionOnduct their own due diligence