[2018-09-05] Philippines Prepares to Regulate Cryptocurrency Exchanges as Tradin

Kemarit

legendary

Activity: 3080

Merit: 1353

Quote from: reactorjuno on September 06, 2018, 09:24:49 AM

Don't think the Philippines are really that important in cryptocurrencies (even though there seems to be loads of Filipinos here and on Twitter), but it's still a positive news. Now curious to see what they mean exactly by " crypto industry to develop under appropriate regulations ", it probably starts with heavy taxing, government willing to make sure it can benefit from this business.

Could be more taxes I assumed, Besides local trading exchanges like coins.ph is full KYC/AML compliant already since last year. I'm optimistic by the news but my only concern is corruption. This may end up avenues for corrupt elected officials in the country to pocket more money. I like though what the government is doing, while neighboring Asian countries are very hostile to crypto, Philippines is going on the other direction. Bitcoin growth can be seen in foreseeable future specially if OFW (Oversees-Filipino-Workers) will used Bitcoin as means of remittances or cross border payments. Last year alone, remittances was reported to be around $28 Billion. Imagine the influx of huge money in the market coming from Philippines alone, Bitcoin price could reach new heights.

Quidat

hero member

Activity: 2702

Merit: 540

DGbet.fun - Crypto Sportsbook

Quote from: carlfebz2 on September 06, 2018, 04:33:23 PM

Quote from: magneto on September 06, 2018, 02:15:24 PM

Quote from: moriskarlov on September 05, 2018, 06:13:24 AM

The head of the Philippines’ Securities and Exchange Commission (SEC) is targeting draft rules for domestic cryptocurrency exchanges within weeks ahead of finalizing regulations later this year.

Cryptocurrency exchanges in the Philippines could soon operate as regulated trading platforms as authorities proactively seek to both protect investors and enable an inclusive ecosystem for cryptocurrencies to flourish in the country.

In quotes reported by BusinessWorld, SEC commissioner Ephyro Luis B.Amatong stated:

“We will put out a draft rule for the virtual currency exchanges, hopefully within the first half of September.”

See more - https://www.ccn.com/philippines-prepares-to-regulate-cryptocurrency-exchanges-as-trading-platforms/

This is sort of becoming a universal trend with the mass regulation of services and businesses relating to bitcoin worldwide.

So long as this does not turn into some sort of draconian restriction on people's ability to buy and sell coins on exchanges, but rather, an effort in trying to protect all parties involved in trading activity like this, this should be a positive move overall.

These regulations will lead to a more mature market, which will lead to institutional investors being more interested within the market (whether for good or for bad).

Having the same view but my doubts cant really be avoided even they are being too positive about recognition of crypto specially Bitcoin there

would be always an intent behind those decisions.I can attest to that since I do know on how the government behaved when it comes to new things

or trend that do happen up.The good thing I do experience is when using up BSP regulated local wallet where theres no soo much restrictions instead
just doing out some KYC but I do already expect that sooner or later Taxes will surely be sue out on each user.

You wont know if they do have that motive it would all just depend but basing on the ranking about in the most corrupted countries then PH is included on that one which probably they are aiming for something.

Damn, supposedly i do just put up 5 merits but i accidentally re-submit that input (Lucky Cheesy

)

carlfebz2

hero member

Activity: 2926

Merit: 722

DGbet.fun - Crypto Sportsbook

Quote from: magneto on September 06, 2018, 02:15:24 PM

Quote from: moriskarlov on September 05, 2018, 06:13:24 AM

The head of the Philippines’ Securities and Exchange Commission (SEC) is targeting draft rules for domestic cryptocurrency exchanges within weeks ahead of finalizing regulations later this year.

Cryptocurrency exchanges in the Philippines could soon operate as regulated trading platforms as authorities proactively seek to both protect investors and enable an inclusive ecosystem for cryptocurrencies to flourish in the country.

In quotes reported by BusinessWorld, SEC commissioner Ephyro Luis B.Amatong stated:

“We will put out a draft rule for the virtual currency exchanges, hopefully within the first half of September.”

See more - https://www.ccn.com/philippines-prepares-to-regulate-cryptocurrency-exchanges-as-trading-platforms/

This is sort of becoming a universal trend with the mass regulation of services and businesses relating to bitcoin worldwide.

So long as this does not turn into some sort of draconian restriction on people's ability to buy and sell coins on exchanges, but rather, an effort in trying to protect all parties involved in trading activity like this, this should be a positive move overall.

These regulations will lead to a more mature market, which will lead to institutional investors being more interested within the market (whether for good or for bad).

Having the same view but my doubts cant really be avoided even they are being too positive about recognition of crypto specially Bitcoin there

would be always an intent behind those decisions.I can attest to that since I do know on how the government behaved when it comes to new things

or trend that do happen up.The good thing I do experience is when using up BSP regulated local wallet where theres no soo much restrictions instead
just doing out some KYC but I do already expect that sooner or later Taxes will surely be sue out on each user.

magneto

hero member

Activity: 1666

Merit: 753

Quote from: moriskarlov on September 05, 2018, 06:13:24 AM

The head of the Philippines’ Securities and Exchange Commission (SEC) is targeting draft rules for domestic cryptocurrency exchanges within weeks ahead of finalizing regulations later this year.

Cryptocurrency exchanges in the Philippines could soon operate as regulated trading platforms as authorities proactively seek to both protect investors and enable an inclusive ecosystem for cryptocurrencies to flourish in the country.

In quotes reported by BusinessWorld, SEC commissioner Ephyro Luis B.Amatong stated:

“We will put out a draft rule for the virtual currency exchanges, hopefully within the first half of September.”

See more - https://www.ccn.com/philippines-prepares-to-regulate-cryptocurrency-exchanges-as-trading-platforms/

This is sort of becoming a universal trend with the mass regulation of services and businesses relating to bitcoin worldwide.

So long as this does not turn into some sort of draconian restriction on people's ability to buy and sell coins on exchanges, but rather, an effort in trying to protect all parties involved in trading activity like this, this should be a positive move overall.

These regulations will lead to a more mature market, which will lead to institutional investors being more interested within the market (whether for good or for bad).

reactorjuno

member

Activity: 322

Merit: 43

Don't think the Philippines are really that important in cryptocurrencies (even though there seems to be loads of Filipinos here and on Twitter), but it's still a positive news. Now curious to see what they mean exactly by " crypto industry to develop under appropriate regulations ", it probably starts with heavy taxing, government willing to make sure it can benefit from this business.

xIIImaL

legendary

Activity: 1372

Merit: 1005

Regulations on the trading is happening on various country may be Philippines is on the country among them. If want to invest on the altcoins still there no trouble by these kind of regulations we are seeing in the marketplace.

I really expect SEC to accept the bitcoin in the upcoming bill at least in this September. Regulations may be not good for investment and it will be reduce the usage of the cryptocurrencies.

rodskee

full member

Activity: 2576

Merit: 205

Last time i heard about the virtual cryptocurrency last year 2017 if not wrong the phillipines congress discuss
Virtual cryptocurrency or bitcoin how to regulate
One of the reason is to how to collect taxes from cryptocurrency and how to protect the users of new digital cirrency but until there have nothing update
And now phillipines security and exchange commission are also interested to regulate virtual currency
I will wait the update for phillppine crypto regulation

moriskarlov

sr. member

Activity: 546

Merit: 252

The head of the Philippines’ Securities and Exchange Commission (SEC) is targeting draft rules for domestic cryptocurrency exchanges within weeks ahead of finalizing regulations later this year.

Cryptocurrency exchanges in the Philippines could soon operate as regulated trading platforms as authorities proactively seek to both protect investors and enable an inclusive ecosystem for cryptocurrencies to flourish in the country.

In quotes reported by BusinessWorld, SEC commissioner Ephyro Luis B.Amatong stated:

“We will put out a draft rule for the virtual currency exchanges, hopefully within the first half of September.”

See more - https://www.ccn.com/philippines-prepares-to-regulate-cryptocurrency-exchanges-as-trading-platforms/

Topic: [2018-09-05] Philippines Prepares to Regulate Cryptocurrency Exchanges as Tradin (Read 178 times)