The central bank of the Philippines is about to go “hard” on operators and exchanges involved with digital currency in the country.

A senior official of the Bangko Sentral ng Pilipinas (BSP) revealed it is looking into fortifying its cybersecurity surveillance as well as regulating bitcoin operators to curb money laundering activities.

Nestor Espenilla, BSP’s deputy governor in charge of banking supervision, told local media outlets regulators observed a “sizable spike” in flows of virtual currency, particularly bitcoin. Between $2 million to $3 million in transactions involving bitcoin were reported per month, according to Espenilla.

The official admitted that BSP—the sole authority that can issue money in the Philippines—has yet to regulate cryptocurrency, but he stressed that “given the increasing volumes that are being reported, we are now that much closer to formally regulating virtual currencies.”