I'm bumping this thread for some updates.
It looks like the draft rules are close to getting finalized
1. https://www.manilatimes.net/2020/01/21/business/business-top/sec-readies-rules-for-cryptocurrencies/676170/
2. https://bitpinas.com/news/reits-sec-says-readying-rules-cryptocurrencies/
It's good that they are working on it as fast as possible. Kailangan na din maparusahan yung mga nanamantala gamit ang cryptocurrencies.
Topic: [Discussion] SEC (Draft) Rules on Cryptocurrency Exchanges (Read 233 times)
Ito ba ang USA SEC o ibang Pilipino pambansang SEC?
If what you mean is if Philippine SEC is the equivalent of USA SEC, then the short answer is yes. Sheenshane posted some history behind it. The draft posted in the OP applies to Philippines only.
Ito ba ang USA SEC o ibang Pilipino pambansang SEC?
If what you mean is if Philippine SEC is the equivalent of USA SEC, then the short answer is yes. Sheenshane posted some history behind it. The draft posted in the OP applies to Philippines only.This is interesting because SEC is already starting to make the crypto in the Philippines more regulated.
I hope this will bring lots of competition especially in the exchanges like coins.ph, currently, they are dominating due to lack of competition.
Oo nga eh. Sana by 2020/2021, mabawasa ng malaki ang dominance ni coinsph sa Philippine crypto exchange market I hope this will bring lots of competition especially in the exchanges like coins.ph, currently, they are dominating due to lack of competition.
Also, I hope BIR would draft a clear regulation on how to report our income tax in crypto.
I don't know but I think most of us here are not reporting our income especially those that are coming from signature campaign.
I don't know but I think most of us here are not reporting our income especially those that are coming from signature campaign.
Wala pa siguro sapat na manpower ang BIR para pag-aralan ng husto ang complexity ng crypto. Baka naghihintay din ng mga proper terms/definition mula sa SEC. Kung sakali gusto mo i-deklara, yung kinikita sa signature campaigns ay pwede ma-classify under tax on professionals and self-employed (subject to withholding tax). Mungkahi ko lang yan, mas maganda pa din kung magtanong sa sariling accountant.
Pardon me. I am not from the Philippines. But I had a question..
Ito ba ang USA SEC o ibang Pilipino pambansang SEC?
Hello, Legend welcome to our board, a pleasant welcome from us.Ito ba ang USA SEC o ibang Pilipino pambansang SEC?
Back to your question, we had the same regulation on SEC here in the Philippines and that came from the US. Our country started adopting SEC and created by Congress of the Philippines on the year 1936( correct me if I'm wrong) this occurred just 2 years after the US Congress created the SEC.
All kind of investments companies here in the Philippines must abide by the SEC regulation or else they will forcibly close by our government.
I think that sounds good that all DAE companies were under by the SEC for better legitimation and for sure a better massive adoption.
"Customers only allowed to purchase digital assets worth up to Php 50,000 or else sign a waiver"
What if this will be implemented, Paano yung mga Customers na naka receive ng digital assets na over 50,000 Php ? are we gonna sign a waiver for this or for the succeeding transactions na from the implemented date? What do you think, as for me, this is unnecessary since meron naman ng KYC yung Coins.ph as the popular exchange here in the Philippines and also Account Verification and Validation for certain Account Level.
Nasa Power ba ng SEC ang magdiscuss din ng Tax responsibilities ng Exchange At Customers? Or it should be BIR? I want to know next kung anong take ng BIR sa Cryptocurrency. So Far , Okay and Balanced naman ang SEC Draft Rule, Let's just wait for another update.
What if this will be implemented, Paano yung mga Customers na naka receive ng digital assets na over 50,000 Php ? are we gonna sign a waiver for this or for the succeeding transactions na from the implemented date? What do you think, as for me, this is unnecessary since meron naman ng KYC yung Coins.ph as the popular exchange here in the Philippines and also Account Verification and Validation for certain Account Level.
Nasa Power ba ng SEC ang magdiscuss din ng Tax responsibilities ng Exchange At Customers? Or it should be BIR? I want to know next kung anong take ng BIR sa Cryptocurrency. So Far , Okay and Balanced naman ang SEC Draft Rule, Let's just wait for another update.
Pardon me. I am not from the Philippines. But I had a question..
Ito ba ang USA SEC o ibang Pilipino pambansang SEC?
Ito ba ang USA SEC o ibang Pilipino pambansang SEC?
Since Pinoy ka din naman pero di ka lang nagrereside sa pilipinas tatagalugin ko na din hehe, base sa article ni OP SEC ng pilipinas ang tinutukoy nya dito, ang maganda kasi dito kahit papano tinitignan na nila yung crypto for regulation meaning looking forward sila sa purpose ng cryptocurrency. Hoping na maging maayos at walang maging malaking bias sa iba yung regulation nila pero since ok naman din yung tuckled topic ni OP wala naman sigurong magiging problema.
Pardon me. I am not from the Philippines. But I had a question..
Ito ba ang USA SEC o ibang Pilipino pambansang SEC?
Ito ba ang USA SEC o ibang Pilipino pambansang SEC?
This is interesting because SEC is already starting to make the crypto in the Philippines more regulated.
I hope this will bring lots of competition especially in the exchanges like coins.ph, currently, they are dominating due to lack of competition.
Also, I hope BIR would draft a clear regulation on how to report our income tax in crypto.
I don't know but I think most of us here are not reporting our income especially those that are coming from signature campaign.
I hope this will bring lots of competition especially in the exchanges like coins.ph, currently, they are dominating due to lack of competition.
Also, I hope BIR would draft a clear regulation on how to report our income tax in crypto.
I don't know but I think most of us here are not reporting our income especially those that are coming from signature campaign.
Ang maganda dito nagkakaroon na ng regulations sa exchanges na itatayo dito sa bansa kahit papano may umuusad na improvement. Sana lang magkaroon din sila ng monitoring kung sakali para maiwasan ang manipulation.
Pinaka keyword dito is "self-regulatory organization (SRO)" which I think is a big win for the crypto industry here in the Philippines. Dito palang may pinapahiwatig na ang sec na gusto nila maging independent yung mga crypto-exchange na ito na kahit saklaw sya ng SEC mag-aact sila ng parang SEC on their own ways, now depending on what they mean by SRO dito natin makikita yung limits and powers ng kanya kanyang mga exchange. Ginagaya lang ng Pilipinas kung ano ginagawa ng Japan which also gave their exchanges the power of SRO. Syempre ang downside nyan is obvious naman and that is the vulerability to hacks na until now hindi pa din na-sosolve ng Japan kung paano matanggal or malessen with this kind of system.
- Disallowed Activities: “Prohibited Market Manipulation Activities, Representation and Conduct”
Quote
Customers only allowed to purchase digital assets worth up to Php 50,000 or else sign a waiver
Masyado yata mababa, kung sakali medyo malakihan ka mag-trade eh di ilang beses ka mag-sign ng waiver. Hindi ko din maintindihan bakita kailangan pa ng waiver.Isa sa magiging dahilan para sa akin ay;
For sure concern lang ang SEC sa mga Filipino lalo na pagdating sa investing, gusto lang ng SEC na ipaalam sa mga Filipino na risky ang cryptocurrency kaya may limit sila na PHP 50,000 pero pwede ka parin basta mag sign ka lang ng waiver. At dahil din alam ng SEC na super volatile ang cryptocurrency kaya may waiver na mangyayari.
- Disallowed Activities: “Prohibited Market Manipulation Activities, Representation and Conduct”
Quote
Customers only allowed to purchase digital assets worth up to Php 50,000 or else sign a waiver
Masyado yata mababa, kung sakali medyo malakihan ka mag-trade eh di ilang beses ka mag-sign ng waiver. Hindi ko din maintindihan bakita kailangan pa ng waiver. Interesting. Yung mga existing exchanges sa Pilipinas kakayanin kaya nila mag provide ng 100,000,000 na kapital at maging sa mga nagpa plano pa lamang na magtayo ng cryptocurrency exchange?
Nagulat nga din ako nung una ko nabasa yung Php100M. Kaya naman siguro ng mga Philippine licensed virtual currency exchanges ito. Quote
Kung sabagay sa ganitong paraan mas panatag ang mga imbestor na ang bawat exchange ay may kakayahang maka cover ng compensation sa anumang posibleng problemang mangyari. Mas may siguridad na rin kung ito ay rehistrado sa SEC.
Sang-ayon ako. Mahirap na magdeposito ng perang pinaghirapan sa isang palitan na walang kakayahan o kaya yung bigla na lang mawawala parang bula kapag nagkaroon ng problema.
Interesting. Yung mga existing exchanges sa Pilipinas kakayanin kaya nila mag provide ng 100,000,000 na kapital at maging sa mga nagpa plano pa lamang na magtayo ng cryptocurrency exchange? Kung sabagay sa ganitong paraan mas panatag ang mga imbestor na ang bawat exchange ay may kakayahang maka cover ng compensation sa anumang posibleng problemang mangyari. Mas may siguridad na rin kung ito ay rehistrado sa SEC.
UPDATE (27/01/2020): https://bitpinas.com/news/reits-sec-says-readying-rules-cryptocurrencies/
Article: https://bitpinas.com/news/recap-recent-blockchain-meetup-manila-discussed-ph-secs-draft-rules-digital-asset-exchanges/
Summary:
Bagamat hindi pa siya final, mas malinaw na sa atin kung ano ang mga magiging patakaran. Hindi basta-basta ang mag-rehistro kaya magingat sa mga nagpapakilalang palitan dito sa lokal natin. Kung may alam kayo na hindi pa rehistrado, pwede pa naman ayon sa SEC:
Other related articles:
https://bitpinas.com/feature/list-licensed-virtual-currency-exchanges-philippines/
https://bitpinas.com/cryptocurrency/list-cryptocurrency-exchanges-philippines/
Article: https://bitpinas.com/news/recap-recent-blockchain-meetup-manila-discussed-ph-secs-draft-rules-digital-asset-exchanges/
Summary:
- A Digital Asset Exchange (DAE) Has to Register with the SEC
- Digital Asset Exchange Must be an SRO (Self-Regulatory Organization)
- Capitalization of Php 100 million ($2 million)
- Registration fee of Php 50,000 and Additional Fees on top of transactions happening in the exchanges
- SEC also has the power to review the DAE’s listing of a digital asset
- Disallowed Activities: “Prohibited Market Manipulation Activities, Representation and Conduct”
- Customers only allowed to purchase digital assets worth up to Php 50,000 or else sign a waiver
Bagamat hindi pa siya final, mas malinaw na sa atin kung ano ang mga magiging patakaran. Hindi basta-basta ang mag-rehistro kaya magingat sa mga nagpapakilalang palitan dito sa lokal natin. Kung may alam kayo na hindi pa rehistrado, pwede pa naman ayon sa SEC:
Quote
Any unregistered Digital Asset Exchange existing immediately prior to the effectivity of these Rules shall file an application for registration in accordance with these Rules within forty-five (45) days from effectivity, unless falling under any of the exemptions provided under these Rules.
Other related articles:
https://bitpinas.com/feature/list-licensed-virtual-currency-exchanges-philippines/
https://bitpinas.com/cryptocurrency/list-cryptocurrency-exchanges-philippines/
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