Philippines To Have New Cryptocurrency Rules In A WeekSeptember 5, 2018
The Philippines is making major strides towards regulating its Crypto space after it emerged that the country will introduce new Cryptocurrency rules next week. The new rules will mainly affect Crypto exchanges and ICO projects. The Cryptocurrency market is especially important to Filipinos working abroad as they use it to send money back home. The new draft will mainly borrow from Switzerland and Australian Crypto laws. Cryptocurrency investors in the country have been waiting for these new regulations for a long time.
Philippines To Enhance Its Crypto Regulations
Crypto investors in the Philippines are happy as the country is expected to have new Cryptocurrency rules as early as next week. According to the Manila Times, the final draft of the new regulations is almost complete after months of waiting. Most Filipinos, especially those working abroad are now happy as the new rules will make it easy for them to send money to their relatives in their home country through the new technology without any difficulties.
Areas That The New Rules Will Affect
It has been revealed that the new laws will affect Cryptocurrency exchanges in the country. The exchanges will now be handled as trading platforms under the new laws according to the Philippines Securities and Exchange Commission (SEC).
The Manila Times quoted Ehpyro Luis Amatong, the SEC Commissioner saying that the regulator will mainly consider Cryptocurrency regulations in Switzerland and Australia while drafting the new law. This will enable the regulator to have laws that have already been tested and tried elsewhere and their only role will be to domesticate them to ensure they address local challenges.
In the last few months, there has been news about the Philippines having new Cryptocurrency laws that check on ICO projects. Reliable sources claim the new law requires all ICO projects in the country to be assessed by SEC. It will then be upon the regulator to authorize the launch of a coin or be treated as a security.
The new laws require all ICO projects in the country to register as corporations. Moreover, foreign ICOs wishing to enter the Philippines Crypto market must open a branch in the country. “Ocular inspections” is another requirement for ICO projects in the country. The new law will also address the advertisement of ICO projects.
Cryptocurrency Regulation in the Philippines
The Philippines is among the increasing number of countries that understand the potential of the new technology and are determined to regulate the sector rather than ban it. Cryptocurrency regulations in the country will allow the local population to enjoy the many benefits that are associated with the innovation. Filipinos working abroad will now be able to easily send money to their loved ones in their motherland.
The process of establishing Cryptocurrency regulations in the Philippines has been a combined effort of various agencies. Bangko Sentral ng Pilipinas (BSP), the country’s central bank and SEC have been working together to ensure the new regulations are ready and introduced seamlessly. This partnership has been crucial in ensuring the country’s Crypto-friendly policy is maintained.
The process of having the new Cryptocurrency laws in place has been an arduous one. The country has been on this journey since February last year when BSP advised on the need to address the use of Cryptocurrency in illegal activities such as money laundering. The latest news is an indicator that the country has overcome the challenge and arrived at its intended destination.