The Securities and Exchange Commission (SEC) of the Philippines announced that it was considering legalizing the The use of digital currencies in the country by classifying them as securities. The move comes after the issuance of the regulation of financial regulators for cryptocurrencies like Bitcoin in 2017.
The Manila Times reported that SEC commissioner Emilio Aquino said at a November 2017 press conference that the agency is considering the currencies as securities so that they can be regulated by the country's regulatory code.
"We must consider these virtual currency offers as possible securities, in which case we will apply the titles Regulatory Code The increased frenzy and increasing popularity of the initial coin offerings have pushed authorities to establish new rules to protect consumers. "
The Commissioner also stated that the agency based its guidelines on existing regulations its counterparts in the United States, Malaysia, in Thailand and Hong Kong.
Other developments in the adoption of crypto-currencies in the Philippines
According to Aquino, the SEC also discusses the approval and licensing of digital currency exchange in the country, which will be supervised by the country's central bank, Bangko Sentral ng Pilipinas (BSP). He added that the central bank has already registered and approved five or six companies that will operate as cryptocurrency exchanges. Exchange services are limited to the processing of remittances from Filipino expatriate workers (OFW).
Meanwhile, BSP governor Nestor Espenilla Jr. said the central bank was taking an "open" approach. In addition, BSP deputy director Melchor Plabasan said that Bitcoin and other virtual currencies are both highly viable and risky monetary and investment instruments.
"If you want something that is fast, close to real time and practical, then there is the advantage of using virtual currencies like Bitcoin."