The International Monetary Fund (IMF) has reportedly urged the central bank of Philippines to invest resources in researching the potential of gathering data on cryptocurrency cross-border flows. 

Specifically, the IMF has published the suggestion in the Technical Assistance Report on December 30th last year. 

Per the report, upon the request from the Bangko Sentral ng Pilipinas (BSP) in 2019, the primary task the IMF tried to accomplish in Philippines, is to provide a lecture filled with necessary information on how to properly handle crypto-assets. 

“The Philippines may become an important market for crypto-assets, as the BSP recently authorized operations for three more virtual currency exchanges (VCE), bringing the total number of approved VCE to 10.” The report concluded. 

The IMF ultimately urged the central bank of the nation to invest resources in researching the potential on collecting data, of crypto exchange firms in the region, for its macroeconomic analysis, specifically associated with crypto assets-enabled global financial flows. 

The IMF mission suggested that the BSP asked for aggregated data, regarding gross transactions finalized by such exchanges, in a quarterly manner. 

The data needs to include the nation where the transaction was generated from, as well as transaction destination, and more ideally, all information will be in details, to publicly show the sides involved in transactions between individuals, financial and non-financial organizations.