Topic: Repost: Philippines is considering regulating Bitcoin! (Read 1324 times)

After issuing regulations for the cryptocurrency industry earlier this year, Philippine authorities are considering further steps to expand the use of digital currencies like bitcoin in the country.

According to The Manila Times, SEC Commissioner Emilio Aquino stated in a news conference in late November 2017 that the agency plans to consider virtual currencies as securities so that they can be regulated under the country’s regulatory code.

“The direction is for us to consider this so-called virtual currencies offerings as possible securities in which case we will apply the Securities Regulation Code.  The heightened frenzy and increasing popularity surrounding initial coin offerings has pushed authorities to lay down new rules to protect consumers.”

According to cointelegraph, the commissioner also stated that the agency is basing its directives on existing regulations that are implemented by its counterparts in the USA, Malaysia, Thailand and Hong Kong.

Other developments in the adoption of cryptocurrencies in the Philippines

According to Aquino, the SEC is also discussing the approval and licensing of digital currency exchanges in the country, which will be overseen by the country’s central bank Bangko Sentral ng Pilipinas (BSP). He added that the central bank has already registered and endorsed five or six companies that will operate as cryptocurrency exchanges. The exchanges’ services are limited to the processing of inward remittances from overseas Filipino workers (OFW).

BSP Governor Nestor Espenilla Jr. stated that the central bank is adopting an “open-minded approach” in tackling issues involving financial technologies (fintech) such as digital currencies.

BSP deputy director Melchor Plabasan said that Bitcoin and other virtual currencies are both monetary and investment instruments that are very viable and whose risks are manageable.

Source Link: http://cryptobible.io/philipines-considering-regulating-bitcoin/
https://www.reddit.com/r/Bitcoin/comments/7fddtv/philipines_is_considering_regulating_bitcoin/

https://twitter.com/devnullius/status/934430402130915329

After issuing regulations for the cryptocurrency industry earlier this year, Philippine authorities are considering further steps to expand the use of digital currencies like bitcoin in the country.

According to The Manila Times, SEC Commissioner Emilio Aquino stated in a news conference in late November 2017 that the agency plans to consider virtual currencies as securities so that they can be regulated under the country’s regulatory code.

“The direction is for us to consider this so-called virtual currencies offerings as possible securities in which case we will apply the Securities Regulation Code.  The heightened frenzy and increasing popularity surrounding initial coin offerings has pushed authorities to lay down new rules to protect consumers.”

According to cointelegraph, the commissioner also stated that the agency is basing its directives on existing regulations that are implemented by its counterparts in the USA, Malaysia, Thailand and Hong Kong.

Other developments in the adoption of cryptocurrencies in the Philippines

According to Aquino, the SEC is also discussing the approval and licensing of digital currency exchanges in the country, which will be overseen by the country’s central bank Bangko Sentral ng Pilipinas (BSP). He added that the central bank has already registered and endorsed five or six companies that will operate as cryptocurrency exchanges. The exchanges’ services are limited to the processing of inward remittances from overseas Filipino workers (OFW).

BSP Governor Nestor Espenilla Jr. stated that the central bank is adopting an “open-minded approach” in tackling issues involving financial technologies (fintech) such as digital currencies.

BSP deputy director Melchor Plabasan said that Bitcoin and other virtual currencies are both monetary and investment instruments that are very viable and whose risks are manageable.

Source Link: http://cryptobible.io/philipines-considering-regulating-bitcoin/
https://www.reddit.com/r/Bitcoin/comments/7fddtv/philipines_is_considering_regulating_bitcoin/

https://twitter.com/devnullius/status/934430402130915329

Maganda nga kung ganun. Kung ireregulate na ang bitcoin dito sa pilipinas, panigurado yung mga online shop pwede na din nila ipatupad ang bitcoin as payment. Mas maganda din na may ibang company ang mag gawa ng btc wallet na pwedeng mag cashout at cash in nationwide.

pag na regulate na ng gobyerno ang bitcoin, tiyak na magkakaroon na ito ng tax at sa bawat transactions or cash out natin ay may mga kaakibat na din itong tax. kung ngayon mataas na ang charge pag nag cash out tayo, malamang mas tumaas pa ito kung regulated na ito ng gobyerno.

yes I think the same way, pero sa tingin ko ang gagawin nila ay ung parang style nung sa coins.ph na pag ccash out na automatic na agad nilang icconvert sa PHP ung BTC po pag ibinili mo para di ka mag worried na kulang or sobra ung ibinayad mo sa kanila.

Pero I like the idea na dahil irregulate ng Pilipinas ang bitcoin, dadami din ang paraan natin para mag cash out, ang magiging ouchful lang satin eh ung ipapatong nilang tax.

actually expected ko na to, kasi naman yung ibang bansa nga sinusubukan talaga nila irreguulate eto. Pero feeling ko matatagalan pa to kasi nga kung yung ibang bansa nga eh nahihirapan tayo pa kaya na sumusunod lang sa trend. Kaya dapat i maximize na natin yung profit na kaya mong kitain kasi di mo alam kung kelan kakaltas yung government sa kinikita mo ngayon sa crypto hahhahah be wise guys work hard play hard.