1. What is bsp?

Overview of Cryptocurrency Regulation in the Philippines

Cryptocurrency in the Philippines is regulated by the Bangko Sentral ng Pilipinas (BSP) with the aim of enforcing financial laws and regulations concerning cryptocurrency. The main regulatory measures include:

1. Licensing and Registration: The BSP requires all cryptocurrency exchange operators to register as payment system operators and to submit quarterly reports, including transaction and user information.

2. Anti-money Laundering and Counter-terrorism Financing Measures: The BSP has introduced Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations, requiring cryptocurrency exchanges to comply with these provisions.

3. Regulatory Framework: The BSP issued Circular No. 944, requiring cryptocurrency exchanges to provide quarterly reports that include transaction and user information to enhance transparency and protect users from fraud.

4. Legal Status: The Philippines is one of the earliest countries in Southeast Asia to actively regulate cryptocurrency-related activities. In 2017, the BSP established regulations that classify cryptocurrency exchanges as money service businesses, requiring them to register with the BSP and comply with AML and KYC regulations.

5. Challenges: Despite these regulatory measures, cryptocurrency mining in the Philippines still faces legal uncertainties, including challenges such as high energy costs, climatic conditions, and regulatory risks.

2. Who founded bsp?

According to the information provided, Ballswap (BSP) is a cryptocurrency token operating on the Ethereum blockchain and is part of the BitBall ecosystem. This ecosystem has been active since July 2018, aiming to provide its users with a comprehensive suite of services and platforms, focusing on decentralized finance (DeFi) and beyond. Therefore, the founders of Ballswap (BSP) are the team behind the BitBall ecosystem.

3. Which venture capitals invested in bsp?

According to the provided information, the following venture capital firms have invested in cryptocurrency projects:

1. Tiger Global: Has participated in investments in multiple crypto projects, including the crypto financial service provider Current and the Indian cryptocurrency exchange CoinSwitch.
2. Coatue: Led the token sale for Braintrust, completing a $100 million financing.
3. True Ventures: Participated in the token sale for Braintrust.
4. Blockchain Ventures: Participated in the token sale for Braintrust.
5. HashKey: Participated in the token sale for Braintrust.

Additionally, Tiger Global participated in 19 crypto project investments in the first quarter of 2022, a 90% increase compared to the previous quarter.

4. How does bsp operate?

How BSP cryptocurrency (Philippine Virtual Asset Service Provider) operates:

1. Regulatory Framework: The Bangko Sentral ng Pilipinas (BSP) is responsible for regulating Virtual Asset Service Providers (VASP), ensuring they comply with all relevant rules and regulations, including anti-money laundering, counter-terrorism financing, and information technology risk management.

2. License Application: VASPs need to obtain a certificate of authority from the BSP to operate as Money Service Businesses (MSB). The application process is divided into three stages: submission of the application, review and assessment, and the granting of the certificate of authority.

3. Operational Requirements: VASPs must comply with all BSP rules and regulations, including outsourcing, liquidity and operational risk management, IT risk management, business continuity management, and internal controls.

4. Transaction and Payment: VASPs can offer cryptocurrency trading and payment services but must adhere to BSP regulatory requirements. For example, Union Bank of the Philippines has installed Bitcoin ATMs (BTMs) that allow users to sell Bitcoin and withdraw cash directly at the machine.

5. Security Measures: VASPs must implement security measures to protect user assets and information, including the use of blockchain technology and two-factor authentication.

In summary, BSP cryptocurrency (VASPs) operates in the Philippines under the supervision of the BSP and must adhere to relevant rules and regulations to ensure the stability and security of the financial system.