The Philippines’ Securities and Trade Fee (SEC) has introduced that it is looking at steps to legalize the use of electronic currencies in the place by classifying them as securities. The transfer arrives pursuing the financial regulator’s issuance of rules for the cryptocurrencies like Bitcoin before in 2017.
The Manila Times noted that SEC Commissioner Emilio Aquino stated in a information meeting in late November 2017 that the agency plans to look at digital currencies as securities so that they can be regulated below the country’s regulatory code.
“The way is for us to look at this so-termed digital currencies choices as achievable securities in which case we will implement the Securities Regulation Code. The heightened frenzy and increasing reputation encompassing initial coin choices has pushed authorities to lay down new guidelines to safeguard shoppers.”
The commissioner also stated that the agency is basing its directives on existing rules that are carried out by its counterparts in the Usa, Malaysia, Thailand and Hong Kong.
Other developments in the adoption of cryptocurrencies in the Philippines
In accordance to Aquino, the SEC is also talking about the approval and licensing of electronic currency exchanges in the place, which will be overseen by the country’s central financial institution Bangko Sentral ng Pilipinas (BSP). He included that the central financial institution has currently registered and endorsed five or six companies that will run as cryptocurrency exchanges. The exchanges’ companies are limited to the processing of inward remittances from overseas Filipino staff (OFW).
In the meantime, BSP Governor Nestor Espenilla Jr. claimed that the central financial institution is adopting an “open-minded approach” in tackling troubles involving financial technologies (fintech) such as electronic currencies.
Moreover, BSP deputy director Melchor Plabasan stated that Bitcoin and other digital currencies are both of those monetary and expense devices that are really feasible and whose hazards are workable.
“If you want some thing that is rapid, in close proximity to actual-time and effortless, then there is the reward of using digital currencies like Bitcoin.”