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.
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.
While this is a good one to happen at this time, I don't see this form of regulation as a form that is needed at this time of development because from what I see there, the total cost that would cause an exchange to be listed is non-refundable amount of $300,000 and some background check if satisfied, they are issued provisional licenses to operate. This is all that is needed for a company that investors and traders would be trusting to handle millions of dollars which would serve world wide clients after priding itself to have been licensed in the Philippines, nothing is said about having a certain amount as deposit, an insurance cover, a routine check on their infrastructure, and the worst of all is that the companies involved in this first batch of licensing are all foreign countries which the country might not have repatriation policy with in case they decide to just scam the citizens and there is nothing else to do. I only see this as a form of revenue generation source for the agency involved and not necessarily ensuring sanity in the indutry.
