The new guidelines include the need to apply for an operating license, the minimum capital for service providers and stringent anti-money laundering programs.
The Bangko Sentral ng Pilipinas said significantly more research was required before it would champion a digital peso.
The move coincides with developments around the Virtual Banking Act, which some lawmakers hope will pass before the end of 2020.
The Personal Equity and Retirement Account (PERA) is a voluntary account that allows residents aged 18 and above to prepare for their retirement.
The International Monetary Fund has told the central bank of the Philippines to begin collecting data from local crypto exchange users.
Atomtrans Tech Corp. and Tokyo-based Telcoin Corp both received permission to operate in the Philippines.
With crypto trade volumes still on the rise, banks better be wary about the exchanges they are willing to work with.
Bangko Sentral ng Pilipinas plans to wait a further “three to five years” before it entertains the idea of launching its own cryptocurrency.
The Bangko Sentral ng Pilipinas has warned the public to only use exchanges that have been approved by the country, and to only buy as much as they need for transactions.
Firms looking to install a teller for virtual exchange conversions in the Philippines must be approved by the country's central bank.