Another state in Southeast Asia has decided on the status of cryptocurrencies. The head of the Philippines Securities and Exchange Commission (PhSEC), Emilio Aquino, said on November 21:
“According to our chosen rate, we will treat the offering of virtual currencies as securities, and therefore apply the rules of the Securities Transactions Act to them.” The course towards regulation was adopted after numerous discussions
Crypto to a whole new level
Cryptocurrency in more and more countries is reaching a new level. And it will be interesting to open an ICO in the Philippines, where money is the king and bitcoin is the queen, since now it is planned to introduce regulations for the registration of ICO companies in this state.
Until a few decades ago, the novelty for everyone was the way to exchange electronic messages. Most didn’t even have computers, and now writing by regular mail is a rarity. And an email is a digital representation of a regular letter, since bitcoin is digital money. And while many are already earning bitcoins, others are wary of them.
As Ben Evardon, Representative for Eastern Samar in the Philippines said: “Cryptocurrencies are a low-cost form of remittance, but an extremely risky investment as there is no regulatory protection for consumers.”
According to YB Case experts in the Philippines, at the moment, bitcoins and other electronic currencies are not accepted by banks and are not material assets, but everything is changing rapidly.
Of course, as the stock market figures demonstrate, bitcoin is the best investment of the last year! And now the Philippine authorities are considering ways to use Bitcoin in the country. Emilio Aquino, chairman of the Philippines Securities Committee, plans to consider cryptocurrencies as securities in the Philippines.
Status of Crypto companies in the Phillipines
The Philippines has already allowed 6 companies to accept transfers in cryptocurrencies. This type of transfer of funds is considered even faster and more economical than using a bank or using money systems such as PayPal.
Also, the Governor of the Philippines Nestor Espenilla announced his intentions to introduce rules for the ICO. He pointed out that cryptocurrency is performing well as a vehicle for raising funds, and is a radically new and incredibly effective way to raise capital.
Current ICO regulations
At the moment, the registration of a company in the Philippines as an ICO is possible without obtaining a license, but the authorities are very concerned about this fact, especially after the price of AXS to PHP surged. According to YB Case employees, the license for ICO activities in the Philippines will be similar to the license for working with securities in the Philippines.
Previously, there was information that the license for the exchange of cryptocurrencies in the Philippines was provided by the central bank to two local bitcoin exchangers. At the moment, the central bank is considering 12 applications for registering a bitcoin exchange.
Accompanied by specialized experts from YB Case, you can register an ICO company in the Philippines, open a cryptocurrency exchange in the Philippines and obtain a license for a Philippine crypto exchange.
According to Nestor Espenilla, Jr., BSP Governor, the bank takes an “open approach to financial technology.” “Today there are two virtual currency exchanges registered with BSP, and several more are being tested,” he said.
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