According to the Securities and Exchange Commission of the Philippines’, new legislation is currently being drafted to allow for crypto exchanges in the country to be regulated and expand opportunities available to both operators and customers.
“We will put out a draft rule for the virtual currency exchanges, hopefully within the first half of September.”
As reported by SEC Commissioner Ephyro Luis Amatong the new legislation will be drafted by next week with the aim of providing oversight for Crypto Exchanges when engaged in trading and related financial activity. Currently the country has regulations and laws which were enforced in 2017 allowing legal guidelines to be outlined which could certify a exchange legally.
“We already discussed the matter with the BSP since the BSP is also interested and we are also interested,” – SEC Commissioner Ephyro Luis Amatong
The Philippines remains one of the most welcoming nations when it comes to crypto adoption. With the absence of red tape and restrictions placed on crypto unlike the majority of its Asian neighbors, the Central Bank even encourages use of the technology for those looking to fulfil their financial projects faster.
“If you want something that is fast, near real-time and convenient then there’s the benefit of using virtual currencies like bitcoin.”
To conclude, the Philippines is set to release a updated draft which will essentially permit the legal operation of crypto excahnges and remittance services in the country. Allowing a uniform system of regulation, the country aims to enable responsible trading and operation of crypto business with benefits also passed down to consumers as they can be assured some financial security. Beneficial to business too, the regulations which may develop allowing ICO’s to provide much better value and fundinmg.