Months after signalling its intention to regulate cryptocurrency in the Philippines, the Bangko Sentral ng Pilipinas (BSP) has finally released the new guidelines for bitcoin exchanges operating in the country.

Under the BSP Circular No. 944, signed last Monday, businesses that convert real money like Philippine peso to virtual currencies like bitcoin, and vice versa, will “soon be required to register and report to the central bank.”

“[T]he Bangko Sentral recognizes that virtual currency (VC) systems have the potential to revolutionize delivery of financial services, particularly for payments and remittance, in view of their ability to provide faster and more economical transfer of funds, both domestic and international, and may further support financial inclusion,” stated the circular.

BSP, the sole authority that can issue money in the Philippines, has yet to regulate cryptocurrency. But the growing number of bitcoin remittances in the country has caused the central bank to become “concerned with potential money laundering and consumer protection.