Cryptocurrency Regulations - Philippines - page 2.

saaux

jr. member

Activity: 252

Merit: 1

I have not heard regulation about bitcoin here in the Philippines. I know the beginning of the crypt to enter the country of the Philippines.

gayletot

member

Activity: 323

Merit: 10

I think Philippines enjoys bitcoin and cryptocurrency, and in fact some other fluent people start investing in it. many Filipinos are already trading bitcoin trading and mining.

dark1234

full member

Activity: 1134

Merit: 167

Quote from: crzy on July 11, 2018, 01:09:42 AM

Philippines is now becoming a cryptofriendly, and this can help to boost their economy.
Despite of scams (Bitcoin Scam: https://bitpinas.com/news/php-900-million-bitcoin-scam-rocked-the-philippines/) happening around the Philippines they are still open for the possibility of adopting this technology, and the good news is Philippines is now granting a Licenses for the 3 crypto exchanges.

Here's the link: https://cointelegraph.com/news/philippine-special-economic-zone-grants-licenses-to-three-crypto-exchanges

I just hope that they will make a good regulations about this, and no politics involved about this thing.

The Philippines is one of the Asian countries that legalizes cryptocurrency and bitcoin and this greatly affects the economic progress there and I hope this will be an example of their neighboring country
it's just that cryptocurrency will be one of the means that will be in the politician it must be because this is a lot of people and money

sheenshane

legendary

Activity: 2492

Merit: 1232

Quote from: entrepmind23 on July 25, 2018, 12:57:00 AM

Quote from: Oasisman on July 24, 2018, 08:54:43 PM

Speaking about the involvement of politics in regulating Bitcoin and other cryptocurrencies. I think it would be impossible for the politicians in the country not to lay a hand on cryptocurrency regulations when there is a huge money inside the crypto space. Philippine politicians are known to be corrupt which is why they sit on the top 5 around the world. Pretty sure, they would put ridiculous amount of tax in any Bitcoin transactions, or even build their own exchange.

I think the people who are corrupt, wherever and what position they have, will do anything they can to have an opportunity to earn especially in cryptocurrency transactions that is slowly growing. I hope that the people who are honest may it be their co-politician or not would at least do something to reveal the plans of those people who intends to do something illegal.

If the politicians from the country are known to be corrupt then there is a likelihood that they would take advantage of their position to get hold of some funds. They may charge ridiculous sum of money just to let those exchanges operate.

Corrupt politicians were always there waiting to have enough fund to steal from the people who pay the tax instead for the economic growth.
But as what I have seen now the Philippines government under the Duterte administration was still fighting corruption is a big bet for the Philippines and for foreign investors buying Philippine stocks.
So, Filipino citizen was lucky enough because cryptocurrency has not getting implemented to pay tax, they enjoy now using crypto without paying to the government a tax and I think there are also some government officials that get involved in the cryptocurrency. If I'm not mistaken the Philippines Senate Manny Pacquiao and the former world boxing champion was having his own cryptocurrency and he is also an investor in one of ICO'S project.

Kemarit

legendary

Activity: 3080

Merit: 1353

Quote from: KrishaBitcoin on July 24, 2018, 11:16:22 PM

Quote from: crzy on July 11, 2018, 01:09:42 AM

Philippines is now becoming a cryptofriendly, and this can help to boost their economy.
Despite of scams (Bitcoin Scam: https://bitpinas.com/news/php-900-million-bitcoin-scam-rocked-the-philippines/) happening around the Philippines they are still open for the possibility of adopting this technology, and the good news is Philippines is now granting a Licenses for the 3 crypto exchanges.

Here's the link: https://cointelegraph.com/news/philippine-special-economic-zone-grants-licenses-to-three-crypto-exchanges

I just hope that they will make a good regulations about this, and no politics involved about this thing.

I don't know if this is a good news or bad news in this country because currently the Philippine citizens are enjoying earning Bitcoin without tax that once regulation will be successfully created then everyone will possibly required to pay Bitcoin tax on every local exchange transaction. We just hope that the policy that will be created will be the same in Japan and Germany in which anyone that are engage in Bitcoin is free of tax.

But if Filipinos wanted to enjoy earning Bitcoin, would it be nice if they just pay the taxes then? I guess its now part and parcel of getting bitcoins, paying taxes for the government. The only drawback I see is where those taxes go? I'm pretty sure that almost all of us know how the Philippines is considered as one of the corrupt nation globally. Even the previous governments have entered a lot of anomalies and contracts and later revealed that a lot of officials in involved and raking up billions of dollars. So we don't know if the tax that we are going to pay would end up on some politicians pocket or will truly be channeled to governments project to improved the lives of a lot of poverty stricken Filipinos. So yes, hoping that the government doesn't interfere about how crypto regulations tax would go.

entrepmind23

sr. member

Activity: 644

Merit: 261

Quote from: Oasisman on July 24, 2018, 08:54:43 PM

Speaking about the involvement of politics in regulating Bitcoin and other cryptocurrencies. I think it would be impossible for the politicians in the country not to lay a hand on cryptocurrency regulations when there is a huge money inside the crypto space. Philippine politicians are known to be corrupt which is why they sit on the top 5 around the world. Pretty sure, they would put ridiculous amount of tax in any Bitcoin transactions, or even build their own exchange.

I think the people who are corrupt, wherever and what position they have, will do anything they can to have an opportunity to earn especially in cryptocurrency transactions that is slowly growing. I hope that the people who are honest may it be their co-politician or not would at least do something to reveal the plans of those people who intends to do something illegal.

If the politicians from the country are known to be corrupt then there is a likelihood that they would take advantage of their position to get hold of some funds. They may charge ridiculous sum of money just to let those exchanges operate.

KrishaBitcoin

member

Activity: 350

Merit: 11

W12 – Blockchain protocol

Quote from: crzy on July 11, 2018, 01:09:42 AM

Philippines is now becoming a cryptofriendly, and this can help to boost their economy.
Despite of scams (Bitcoin Scam: https://bitpinas.com/news/php-900-million-bitcoin-scam-rocked-the-philippines/) happening around the Philippines they are still open for the possibility of adopting this technology, and the good news is Philippines is now granting a Licenses for the 3 crypto exchanges.

Here's the link: https://cointelegraph.com/news/philippine-special-economic-zone-grants-licenses-to-three-crypto-exchanges

I just hope that they will make a good regulations about this, and no politics involved about this thing.

I don't know if this is a good news or bad news in this country because currently the Philippine citizens are enjoying earning Bitcoin without tax that once regulation will be successfully created then everyone will possibly required to pay Bitcoin tax on every local exchange transaction. We just hope that the policy that will be created will be the same in Japan and Germany in which anyone that are engage in Bitcoin is free of tax.

Oasisman

hero member

Activity: 2716

Merit: 552

Quote from: crzy on July 11, 2018, 01:09:42 AM

I just hope that they will make a good regulations about this, and no politics involved about this thing.

Speaking about the involvement of politics in regulating Bitcoin and other cryptocurrencies. I think it would be impossible for the politicians in the country not to lay a hand on cryptocurrency regulations when there is a huge money inside the crypto space. Philippine politicians are known to be corrupt which is why they sit on the top 5 around the world. Pretty sure, they would put ridiculous amount of tax in any Bitcoin transactions, or even build their own exchange.

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: AnonBitCoiner on July 24, 2018, 01:11:52 PM

Yes.It will reduce the criminal activities by regulating cryptocurrency.After regulations of cryptocurrency, government will come to know the transaction of cryptocurrency.If the criminal buy bitcoin in regulated cryptocurrency,they can be easily captured.In cryptocurrency,you will get loss .Only if you buy a potential less shit coin.

Regulations will certainly affect criminal activity initially, but the only thing it's really doing is making sure criminals become more creative and less obvious. Criminals are always one or two steps ahead of authorities.

Noob criminals will get punished for their stupidity, where the smarter ones become more advanced with everything they do. Why do you think some cloud mining schemes manage to run for years?

The most obvious schemes have proven to fail much sooner than those who put effort in making themselves look as legit as possible. Promising massive returns is unsustainable and draws too much negative attention.

stomachgrowls

hero member

Activity: 3010

Merit: 794

Quote from: orions.belt19 on July 23, 2018, 05:40:09 AM

Quote from: crzy on July 22, 2018, 08:46:57 PM

Quote from: ajochems on July 13, 2018, 03:35:21 PM

It will be the good news for the people in Philippines.This will enable the new people to inverse in bitcoin. It increase the demand of bitcoin in the market.If all the country ,start to regulate the bitcoin or make bitcoin as a legal tender.It will impact the price of bitcoin to the moon.

I believe on that too, regulations is what we need and we all know a lot of people are waiting for this kind of news from their own government. Making cryptocurrency as a legal tender needs more time but I'm sure we are heading to that.

Quote from: ruthbabe on July 13, 2018, 01:16:23 AM

You're very negative... "why we say we don't like government interference", what do you mean by "we"? Maybe YOU and not us. If the government did not interfere in these 3 exchanges, do you think they can operate? Who will issue their licenses, the NPA? There are still 70 companies that have already applied to operate in the Cagayan Economic Zone, is it not the government that will approve their application? If there's no government interference, where and how did they apply?

They really need to go under the legal procedure so they can operate legally in the Philippines, let's all be positive about this and hope that this will run smoothly.

I don't see why there's negative feedback from the government interference. The actions of the Philippine government are actually favorable to crypto users. This is better than the country declaring a ban. These licenses issued by CEZA actually legitimizes the business of these exchanges. This may even encourage and attract more investors since there are exchanges which have licenses. This will reduce the shady nature of crypto. Surely, this will pave the way towards better adoption of cryptocurrency in the country.

Its much better to be regulated than to be fully restricted or prohibited which its really an advantage for bitcoin or crypto users into this country. The thing is that the way they do handle out exchange business is becoming more stricter asking KYC which you wont really have any choice but to comply for you to use up their service.Users do increases over the years pass by due to the fact that crypto can really help up on their financial either as a main income or just a sideline.

AnonBitCoiner

sr. member

Activity: 1456

Merit: 326

Eloncoin.org - Mars, here we come!

Quote from: Tigorss on July 23, 2018, 06:58:00 AM

Quote from: acheampong64 on July 12, 2018, 06:05:38 AM

Quote from: crzy on July 11, 2018, 01:09:42 AM

I just hope that they will make a good regulations about this, and no politics involved about this thing.

And that is one of the main reasons why we say we don't like government interference. Immediately it happens, politics set in and it looks real bad. But one other fact is that we cannot stop the governments regulations and interference, they've already made it their motive to involve themselves.
Anyways kudos to Philippines for such an awesome initiative, hopes it goes on well for everyone

they make rules to regulate cryptocurrency transactions to protect investors and reduce the risk of cheating. The regulation will include the issuance and registration of cryptocurrency, so that crypto activity can be well controlled to reduce criminal acts involving bticoin deficiency.

Yes.It will reduce the criminal activities by regulating cryptocurrency.After regulations of cryptocurrency, government will come to know the transaction of cryptocurrency.If the criminal buy bitcoin in regulated cryptocurrency,they can be easily captured.In cryptocurrency,you will get loss .Only if you buy a potential less shit coin.

Tigorss

member

Activity: 308

Merit: 10

Quote from: acheampong64 on July 12, 2018, 06:05:38 AM

Quote from: crzy on July 11, 2018, 01:09:42 AM

I just hope that they will make a good regulations about this, and no politics involved about this thing.

And that is one of the main reasons why we say we don't like government interference. Immediately it happens, politics set in and it looks real bad. But one other fact is that we cannot stop the governments regulations and interference, they've already made it their motive to involve themselves.
Anyways kudos to Philippines for such an awesome initiative, hopes it goes on well for everyone

they make rules to regulate cryptocurrency transactions to protect investors and reduce the risk of cheating. The regulation will include the issuance and registration of cryptocurrency, so that crypto activity can be well controlled to reduce criminal acts involving bticoin deficiency.

orions.belt19

full member

Activity: 686

Merit: 146

Quote from: crzy on July 22, 2018, 08:46:57 PM

Quote from: ajochems on July 13, 2018, 03:35:21 PM

It will be the good news for the people in Philippines.This will enable the new people to inverse in bitcoin. It increase the demand of bitcoin in the market.If all the country ,start to regulate the bitcoin or make bitcoin as a legal tender.It will impact the price of bitcoin to the moon.

I believe on that too, regulations is what we need and we all know a lot of people are waiting for this kind of news from their own government. Making cryptocurrency as a legal tender needs more time but I'm sure we are heading to that.

Quote from: ruthbabe on July 13, 2018, 01:16:23 AM

You're very negative... "why we say we don't like government interference", what do you mean by "we"? Maybe YOU and not us. If the government did not interfere in these 3 exchanges, do you think they can operate? Who will issue their licenses, the NPA? There are still 70 companies that have already applied to operate in the Cagayan Economic Zone, is it not the government that will approve their application? If there's no government interference, where and how did they apply?

They really need to go under the legal procedure so they can operate legally in the Philippines, let's all be positive about this and hope that this will run smoothly.

I don't see why there's negative feedback from the government interference. The actions of the Philippine government are actually favorable to crypto users. This is better than the country declaring a ban. These licenses issued by CEZA actually legitimizes the business of these exchanges. This may even encourage and attract more investors since there are exchanges which have licenses. This will reduce the shady nature of crypto. Surely, this will pave the way towards better adoption of cryptocurrency in the country.

danyakotletkin2018

newbie

Activity: 72

Merit: 0

The main thing is that they use it correctly, and not just to launder money.

crzy

full member

Activity: 2128

Merit: 180

Quote from: ajochems on July 13, 2018, 03:35:21 PM

It will be the good news for the people in Philippines.This will enable the new people to inverse in bitcoin. It increase the demand of bitcoin in the market.If all the country ,start to regulate the bitcoin or make bitcoin as a legal tender.It will impact the price of bitcoin to the moon.

I believe on that too, regulations is what we need and we all know a lot of people are waiting for this kind of news from their own government. Making cryptocurrency as a legal tender needs more time but I'm sure we are heading to that.

Quote from: ruthbabe on July 13, 2018, 01:16:23 AM

You're very negative... "why we say we don't like government interference", what do you mean by "we"? Maybe YOU and not us. If the government did not interfere in these 3 exchanges, do you think they can operate? Who will issue their licenses, the NPA? There are still 70 companies that have already applied to operate in the Cagayan Economic Zone, is it not the government that will approve their application? If there's no government interference, where and how did they apply?

They really need to go under the legal procedure so they can operate legally in the Philippines, let's all be positive about this and hope that this will run smoothly.

ajochems

hero member

Activity: 1305

Merit: 511

Quote from: crzy on July 11, 2018, 01:09:42 AM

Philippines is now becoming a cryptofriendly, and this can help to boost their economy.
Despite of scams (Bitcoin Scam: https://bitpinas.com/news/php-900-million-bitcoin-scam-rocked-the-philippines/) happening around the Philippines they are still open for the possibility of adopting this technology, and the good news is Philippines is now granting a Licenses for the 3 crypto exchanges.

Here's the link: https://cointelegraph.com/news/philippine-special-economic-zone-grants-licenses-to-three-crypto-exchanges

I just hope that they will make a good regulations about this, and no politics involved about this thing.

It will be the good news for the people in Philippines.This will enable the new people to inverse in bitcoin. It increase the demand of bitcoin in the market.If all the country ,start to regulate the bitcoin or make bitcoin as a legal tender.It will impact the price of bitcoin to the moon.

ruthbabe

sr. member

Activity: 966

Merit: 275

Quote from: acheampong64 on July 12, 2018, 06:05:38 AM

Quote from: crzy on July 11, 2018, 01:09:42 AM

I just hope that they will make a good regulations about this, and no politics involved about this thing.

And that is one of the main reasons why we say we don't like government interference. Immediately it happens, politics set in and it looks real bad. But one other fact is that we cannot stop the governments regulations and interference, they've already made it their motive to involve themselves.
Anyways kudos to Philippines for such an awesome initiative, hopes it goes on well for everyone

You're very negative... "why we say we don't like government interference", what do you mean by "we"? Maybe YOU and not us. If the government did not interfere in these 3 exchanges, do you think they can operate? Who will issue their licenses, the NPA? There are still 70 companies that have already applied to operate in the Cagayan Economic Zone, is it not the government that will approve their application? If there's no government interference, where and how did they apply?

creeps

full member

Activity: 742

Merit: 144

Quote from: acheampong64 on July 12, 2018, 06:05:38 AM

Quote from: crzy on July 11, 2018, 01:09:42 AM

I just hope that they will make a good regulations about this, and no politics involved about this thing.

And that is one of the main reasons why we say we don't like government interference. Immediately it happens, politics set in and it looks real bad. But one other fact is that we cannot stop the governments regulations and interference, they've already made it their motive to involve themselves.
Anyways kudos to Philippines for such an awesome initiative, hopes it goes on well for everyone

Yeah, we cannot control them and we really don't know if there's hidden agenda here but we should not focus on that instead let's all be happy for this move. Cryptocurrency is now making big impact in every country who will accept it, I hope Philippines will grow more economically.

Harlot

hero member

Activity: 1806

Merit: 672

They are really open when it comes to assets like cryptocurrencies, as I recall cryptocurrencies were never questioned on their legalities in fact their central bank, Bangko Sentral ng Pilipinas, always issue warnings and guidelines when it comes to cryptocurrencies investment scams. As most Filipinos are not knowledgeable when it comes to cryptocurrencies they are being targeted mostly by scams, luring them into putting their money for this types of "investments" where they are really a fraud waiting to happen. I hope other countries as well will follow on how open and how this country is taking advantage of cryptocurrencies in their economy.

acheampong64

full member

Activity: 588

Merit: 100

Quote from: crzy on July 11, 2018, 01:09:42 AM

I just hope that they will make a good regulations about this, and no politics involved about this thing.

And that is one of the main reasons why we say we don't like government interference. Immediately it happens, politics set in and it looks real bad. But one other fact is that we cannot stop the governments regulations and interference, they've already made it their motive to involve themselves.
Anyways kudos to Philippines for such an awesome initiative, hopes it goes on well for everyone

Topic: Cryptocurrency Regulations - Philippines - page 2. (Read 524 times)