Philippines want to regulate cryptocurrencies

The Philippines Securities and Exchange Commission (SEC) has announced that they are considering legalizing the use of cryptocurrencies in the country. To make this possible, it is necessary to classify them as securities from now on. The move follows the call of financial regulators for a single regime for digital currencies.

As the Manila Times reports, the Securities and Exchange Commission of the fifth largest island nation in the world announced in a news conference in late November that the agency is adjusting cryptocurrencies to the legal system.

"The goal we are pursuing is to classify the so-called virtual currencies as potential securities. So we can apply the existing laws on securities. The rapid development and growing popularity of Initial Coin Offerings has urged the authorities to formulate new rules. Above all, we want to protect consumers ",

Explains SEC member Emilio Aquino

According to Aquino, the SEC will also discuss the recognition and licensing of cryptocurrencies in the country, which will then be controlled by the central bank, Bangko Sentral. He also added that the central bank has already registered and endorsed five companies as file-sharing exchanges. However, the legal classification and the powers of the exchange stock exchanges are not yet completely clarified.

Bank Manager expresses himself positively
The head of central bank Melchor Plabasan has also recognized that crypto-wars are very valuable instruments for investments. The risks are in his opinion to get a grip.

The state in the Pacific Ocean is thus oriented to regulations of New Zealand, Singapore and the USA. As we reported yesterday, for example, the SAFT project seeks to circumvent the classification of cryptocurrencies as securities.

Like many other companies and states, the Philippines is thus busy with the regulation of Bitcoin & Co. Already last year in June in the Philippines, a regulation of cryptocurrencies after an attack on the SWIFT system was considered. In addition, the Philippine Central Bank has issued a statement earlier this year, after the leadership of crypto exchanges should be simplified.