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first_img The Central Bank of the Philippines plans to freeze the registration of payment operators for 12 months, tightening VASP regulation

The Bangko Sentral ng Pilipinas (BSP) has released a proposed announcement to suspend the acceptance of new applications for registration of payment system operators (OPS) for 12 months and to implement stricter controls on payment arrangements involving virtual asset service providers (VASP). The BSP stated that this move aims to conduct a comprehensive review of its classification and licensing framework.According to the draft, during the suspension period, the BSP will stop accepting and processing OPS applications. Applications submitted prior to the suspension can continue to be evaluated, but will not be approved or rejected until the suspension ends. Relevant entities are prohibited from conducting business activities that require OPS registration unless they obtain special authorization from the regulatory agency. In addition, BSP-regulated entities providing merchant acquiring services must connect licensed VASPs through direct merchant arrangements, and such relationships will be subject to enhanced due diligence, transaction and settlement limits, and other risk control measures.This requirement applies to virtual asset enterprises licensed, registered, or authorized by the BSP, the Securities and Exchange Commission of the Philippines, or other regulatory agencies, with VASPs being categorized alongside betting, gaming, adult industry, and money service businesses. If the draft is ultimately approved, it will take effect 15 days after publication, and the BSP is currently seeking public comments.

first_img BitcoinIRA launches taxable cryptocurrency accounts Freedom Accounts

The cryptocurrency retirement investment platform BitcoinIRA has announced the launch of Freedom Accounts, which are individual taxable cryptocurrency investment accounts now available to eligible clients. These accounts can be managed alongside Crypto IRAs on the same platform and dashboard for both retirement and non-retirement cryptocurrency investments.These accounts are not subject to IRA contribution limits, required minimum distributions, or age withdrawal restrictions. Clients can fund them with cash or transfer supported cryptocurrencies in-kind from external platforms like Coinbase, Kraken, and Robinhood without having to sell first. BitcoinIRA does not charge fees for eligible in-kind transfers (network or sending platform fees may apply). Accounts can buy and sell over 100 cryptocurrencies 24/7, offer staking rewards on eligible assets (not guaranteed), and support automatic rebalancing of Crypto Bundles or custom portfolios.Custody is provided by Nevada-licensed trust company Digital Trust and BitGo multi-signature wallets. Freedom Accounts complement rather than replace Crypto IRAs, and eligible BitcoinIRA accounts automatically include this feature. BitcoinIRA was founded in 2016 and has processed billions of dollars in transactions for over 200,000 Americans. Co-founder Chris Kline stated that clients' financial lives extend beyond IRAs, and Freedom Accounts are the next step in expanding the platform, allowing clients to manage retirement and non-retirement cryptocurrency investments more flexibly in one place.
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