The blockchain market in the Philippines has been thriving, with the nation's government being highly receptive towards the technology and working hard towards establishing itself as a blockchain-friendly destination in the region. Aiai Garcia, global business development lead for ConsenSys in the Asia-Pacific, wrote on Medium that the Philippines could be the next sandbox for the blockchain space in Asia.
Garcia told Cryptovest in an interview that the blockchain market is developing rapidly in this country, with regulators receptive of the technology and adopting a “do no harm” policy. Cryptovest reported her as saying:
This is indeed a very exciting time for the Philippines blockchain industry. There are plenty of exciting projects, and the good thing is that all the regulators we've talked with or are talking to are also excited about the technology and looking for ways to adopt and use blockchain to improve the current system.
Today, the Philippines has one of the most advanced blockchain payments apps in the world (Coins.ph), which provides 1.5 million Filipinos alternative access to their finances and other value-added services. Filipino regulators were also amongst the first to announce the regulation of Bitcoin as security.
Philippines May Use Blockchain for Tax Collection, Business Improvement
Reported Cryptovest:
On Monday, the country’s department of finance (DoF) said it was open to exploring the opportunities blockchain offers in the areas of tax collection, transparency, ease of doing business, and reduction of illegal smuggling.
Cryptovest also quoted DoF spokesperson Paola Alvarez as saying:
Yes, of course, we are open to exploring blockchain. Secretary (Carlos) Dominguez is really pushing for the application of financial technology. He wants to harness fintech to improve business, for example, payment of taxes online.
Alvarez also added that Dominguez has already created a technical team to look into blockchain and fintech applications. In the meantime, the DoF has introduced its PHPay system, an online platform allowing taxpayers and other state clients to send money and other charges digitally to government agencies.
Blockchain and crypto community called on to work with regulators
Cryptovest also reported that:
Last month, the Philippine Securities and Exchange Commission (SEC) called on the country’s blockchain and cryptocurrency community to help draft appropriate rules for the industry.
SEC Commissioner Ephyro Luis Amatong was quoted as saying:
The government wants to be proactive in creating rules about cryptocurrency. We want to engage all the stakeholders by asking for your feedback. We don't want to ban anything just because we don't understand something. That is why your feedback and your cooperation are important so we can come up with an appropriate rule about cryptocurrency trading.
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Are the Philippines ready for crypto-revolution?
Probably, the Philippines decided to adopt the experience of neighboring Japan, which made digital currencies legal. On this archipelago are ready for the financial revolution, which the blockboy carried out in the sphere of international payments and currency exchange.
The agricultural company Calata Corp. recently refused to place shares on the stock exchange after collecting huge money through fundraising, that is, through the ICO. The initial release of tokens for the year around the world attracted about $ 4 billion. It seems that the Philippine authorities are aware of how big this market is becoming.
- ICO - depending on the facts and circumstances under which the proposal to raise capital is made - may be considered as a version of the issue of securities, - explained Emilio Aquino. - In this case, you can not make initial coin issue without registering the project with the Securities and Exchange Commission. We have seen, especially in social networks, that there are many proposals of the ICO type. The most popular currencies, of course, bitcoin and etherium. But there are some new types of coins that can be considered as securities. We adhere to this view, based on the rules of market regulation adopted in the US, Malaysia, Hong Kong and Thailand.
