Summary:
- This article discusses the importance for financial firms to strengthen their defenses against risks associated with cryptocurrencies and virtual assets.
- It explains that the Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, is urging financial institutions to have proper risk management and control measures in place to address the risks of virtual assets.
- The article highlights that virtual assets, including cryptocurrencies, can be vulnerable to various risks such as cybersecurity threats, money laundering, and terrorist financing, and financial firms need to be prepared to mitigate these risks.