Manila, Philippines, and New York, USA - April 12, 2022- Philippine Digital Asset Exchange (PDAX), the leading virtual asset provider (VASP) in the country, has tapped the services of US-based crypto regulatory technology firm Notabene, to initiate the company’s compliance with the ‘Travel Rule,’ a government policy that requires customers to divulge personally identifiable information when their transactions exceed a certain threshold.
PDAX tapped Notabene for its innovative, end-to-end Travel Rule compliance software that supports integration to the broadest number of Travel Rule messaging protocols on the market, allowing customers to send and receive counterparty information along with blockchain transactions to any counterparty in the world–without interference with the user experience.
The cooperation between PDAX and Notabene aims to facilitate the exchange’s compliance with the Travel Rule, an additional requirement under Circular No. 1108, series of 2021, issued by the Bangko Sentral ng Pilipinas (BSP) through its policy-making body, the Monetary Board.
The said circular requires that users who send amounts equal to or greater than USD 1,000 (around ₱50,000) in funds will need to provide additional information such as the recipient's full legal name, the recipient's cryptocurrency wallet address, and the name of the recipient’s exchange. In such transactions, details about the user, including the full name, customer ID, and address, amongst other requirements, will be automatically disclosed to the counterparty exchange.
PDAX CEO and Founder, Nichel Gaba, comments:
“Our agreement with Notabene is an important step in complying with the Travel Rule and guarding the virtual asset market against financial crimes. We hope that with continued support from the banking system, the BSP, and the rest of the virtual asset ecosystem, we can help encourage more Filipinos to start trading virtual assets.”
Pelle Brændgaard, CEO of Notabene adds:
"Over the years, PDAX has led the charge to bring more Filipinos into the crypto economy and drive financial inclusion and security through investments. PDAX is the first crypto exchange in the Philippines to go live with the Travel Rule. Integrating Notabene future-proofs their initiative to broaden the crypto market in the Philippines, by leveraging regulatory compliance to ensure their customers' safety during transactions."
By maintaining an information trail on large-volume transactions, the BSP hopes to prevent and mitigate money laundering acts and other financial crimes. The BSP Circular No. 1108, series of 2021 amended and improved the guidelines that govern VASPs in the Philippines that were earlier stipulated in the virtual currency framework passed in 2017. The Monetary Board brought their updates consistent with the standards of risk management regarding AML/CFT that are set by the global regulatory authorities such as FATF. In the future, all Philippine VASPs must comply with the Central Bank’s rules regarding wire transfers.
PDAX is the leading digital asset exchange in the Philippines, a safe, easy-to-use, platform for Filipinos to buy and sell cryptocurrencies. The company launched in 2019. PDAX believes that blockchain technology and digital assets are integral components of financial inclusion in the Philippines, creating a level playing field and empowering Filipinos. For more information about PDAX, visit our official website at https://pdax.ph/ or download our mobile app from the Google Play Store, Apple App Store or from Huawei App Gallery to start trading today!
Notabene is a reg-tech Software-as-a-Service solution that turns regulatory compliance into a competitive advantage. Notabene is working to make crypto transactions a part of the everyday economy by providing software, tools, and comprehensive data to manage regulatory and counterparty risks in crypto transactions. Companies leverage our end-to-end FATF Travel Rule solution to identify virtual asset accounts, perform mandated VASP due diligence, and manage global transactions from one dashboard. Trusted by leading exchanges, Luno, Bitso, Crypto.com, and more. Notabene is headquartered in New York with offices in Zug and Santiago de Chile. To learn more, visit www.notabene.id. Download a copy of Notabene’s State of Crypto Travel Rule Compliance Report.