New cryptocurrency regulation in Philippines

[Yugocean]

Financial changes are taking place around the world in view of the increase in the use of cryptocurrencies, in which the central bank of the Philippines, BSP, has issued new rules.

Guidelines for cryptocurrency exchanges were issued in the Philippines in 2017 itself, a rapid increase in the use of crypto exchanges has created a new regulatory framework of the country's cryptocurrency regulation that conforms to the guidelines recommended by the Financial Action Task Force (FATF).

In the new framework, all transactions involving the transfer of cryptocurrency will be treated as “cross-border wire transfers” and the crypto service providers are obliged to follow the rules governing such transfers.

 

[cmoneyspinner]

“cross-border wire transfers”

Well! They got to call it something.
Whether people agree with this regulation or not, it is clear that countries are starting to begin to recognize cryptocurrency transactions as “legitimate” and that's a good sign. There is an excellent article published on the OpenNode blog which lists the various countries where the governments are trying to regulate bitcoin. Japan of course is known as “the world’s most progressive regulatory climate for cryptocurrencies”. No duh! Wasn't the inventor Japanese? Anyway! Let's just hope the regulating doesn't shut out “the little people”.

Bitcoin Regulation: Which Countries are Bitcoin-Friendly - OpenNode Blog

Is Bitcoin legal to own? Is paying for goods & services with Bitcoin legal? It's important to know your country's stance on Bitcoin regulation.

www.opennode.com

 

[Yugocean]

No duh! Wasn't the inventor Japanese?

Satoshi Nakamato? But who knows who was he? There are many self claimed Satoshi Nakamato, many hinted and many denied. Philippines has been crypto heaven since 2017 when it become crypto friendly country, many Philippine users were making good money with crypto trade and earning-converting to PHP by making better Paypal alternative, and now with new regulations, might they have to bear some obstacles as even crypto wallet/exchanges of the country have to register themselves. Only time will tell how much this effect them.

 

[marcusfe]

The truth of the matter is that whether the government of countries like it or not they are still coming back to the reality of accepting crypto currency as generally means on transaction. Irrespective of different policies of the financial bodies of some countries no one can deny the fact that crypto currency is getting awareness and acceptability from people daily. In fact this outbreak of covid-19 has put everyone in a tight corner to carry his transactions using crypto currency and this has being more gain for the market resulting in the massive increase of the coins. The reason why many government still find it difficult to fully implement the use of crypto currency is because of their inability to control it.

 

[approomer.com]

I think crypto for any country is a good a addition, simply for piece of mind for the consumer. Plus it gives the citizens a way to earn extra outside of what they normally use.

 

[greatguy1]

Well! They got to call it something.
Whether people agree with this regulation or not, it is clear that countries are starting to begin to recognize cryptocurrency transactions as “legitimate” and that's a good sign. There is an excellent article published on the OpenNode blog which lists the various countries where the governments are trying to regulate bitcoin. Japan of course is known as “the world’s most progressive regulatory climate for cryptocurrencies”. No duh! Wasn't the inventor Japanese? Anyway! Let's just hope the regulating doesn't shut out “the little people”.

Bitcoin Regulation: Which Countries are Bitcoin-Friendly - OpenNode Blog

Is Bitcoin legal to own? Is paying for goods & services with Bitcoin legal? It's important to know your country's stance on Bitcoin regulation.

www.opennode.com

I will not say they're recognising it as legitimate I'll think they are viewing it as a threat to their individual currencies. They want to monitor and regulate transactions. Calling it cross-border wire transfer is making it look like such transactions are threat to the country. The point of interface could be regulating the market where cryptocurrencies are exchanged but this in itself could be a herculean task. Philippines is going through political instability and the government is right also who have concerns about funds inflow via the crypto-currency market.

 

[Ralphjoe]

Well this can be classified as a good news and also a bad news to some extent. This is because government recognising cryptocurrency and regulating it will bring in much higher fees par transactions because this exchange platforms will have to pay double fees to the blockchain and also to the government and they will now pass this burden of this multiplicity of fees on we the cryptocurrency customers. On the other hand, government regulating the exchange means legal backing and more acceptance of the platforms.

 

[cmoneyspinner]

I will not say they're recognising it as legitimate I'll think they are viewing it as a threat to their individual currencies. They want to monitor and regulate transactions. Calling it cross-border wire transfer is making it look like such transactions are threat to the country. The point of interface could be regulating the market where cryptocurrencies are exchanged but this in itself could be a herculean task. Philippines is going through political instability and the government is right also who have concerns about funds inflow via the crypto-currency market.

I greatly appreciate your insight and perspective on this. It is interesting to discuss this matter. I have heard a lot about what is going on in the Philippines. The reports indicate that the government does not appear to be always looking out for the best interests of the citizens. Perhaps your observation is correct about power and control. Now that you made it so clear, your comment does seem to coincide with the other reports that I have heard in American news media.

 

[Donkiz]

The fact that cryptocurrency transactions are decentralized and unregulated has been a cause of worry to many governments, and truth is that they are right to be worried. Governments are losing millions of dollars on daily basis because of transactions that should have gone through banks and earn some revenue for governments, going through cryptocurrency platforms without governments knowledge.

Apart from revenue issue, there has been this silent fear among governments since the inception of cryptocurrencies and the role it might play in money laundering activities and terrorism financing. Most times, security agents follow money trail to catch people indulging in these crimes, but if these things goes through cryptocurrency platforms it might be difficult to trace.

These are among the reasons why governments will not rest until they find a way to have a grip on cryptocurrency transactions, no matter how small the grip might be.

 

[Josemendez]

Most times reading g about different countries trying to regulate cryptocurrency usage in their country , one is bound to ask whether the reason behind such regulations is for the safety of the citizens and the country at large ,or for the government own selfish interest .

The fact is cryptocurrency usage should be regulated so that the government can help checkmate the risk of internet frauds carried with it . However their rules should not be too strict that small investors will be affected.

 

[Profwriter]

Financial changes are taking place around the world in view of the increase in the use of cryptocurrencies, in which the central bank of the Philippines, BSP, has issued new rules.

Guidelines for cryptocurrency exchanges were issued in the Philippines in 2017 itself, a rapid increase in the use of crypto exchanges has created a new regulatory framework of the country's cryptocurrency regulation that conforms to the guidelines recommended by the Financial Action Task Force (FATF).

In the new framework, all transactions involving the transfer of cryptocurrency will be treated as “cross-border wire transfers” and the crypto service providers are obliged to follow the rules governing such transfers.

This is unique as the cryptocurrencies is beginning to gain more acceptability, I'm happy it's being endorsed and I hope more nations endorse it too as this will eliminate challenges in sending and receiving monies.

The only problem with cryptocurrencies is the price instability and as such it's not very safe to keep all your mobey in that form, but you can invest some of them in it and watch them grow

 

[leejay]

Well! They got to call it something.
Whether people agree with this regulation or not, it is clear that countries are starting to begin to recognize cryptocurrency transactions as “legitimate” and that's a good sign. There is an excellent article published on the OpenNode blog which lists the various countries where the governments are trying to regulate bitcoin. Japan of course is known as “the world’s most progressive regulatory climate for cryptocurrencies”. No duh! Wasn't the inventor Japanese? Anyway! Let's just hope the regulating doesn't shut out “the little people”

 

[Ahmedo24]

The countries of the world must come to agree to fact that regardless the polices they issue out as regards Crypto currencies activities the enthusiasts will always find a way to settle the dust or get a way to thier business legally .
The countries with foresight are better allow smooth running of the Crypto currencies in their country so they can mobilize revenue to government purse. It is people's decision to take the risk of investing their money.

 

[Flow-er]

Cryptocurrency regulations are what we see everyday on the cryptocurrency news..it seems that the critics are starting to understand that the ban isn't the right option for cryptocurrency. The best option right now is to control it rather than ban it. This a clear indication that most of the government are actually considering the regulatory option because they saw the potentials in the cryptocurrency investment. The inspiration from countries like El Salvador will further strengthen the cause of cryptocurrency adoption by most of the countries. It is very clear that most of the countries wants to be part of the success of cryptocurrencies. We have seen many cryptocurrency whales kicking against cryptocurrency regulations because they never wanted the government interference on their digital assets. One of the main reason why most of the financial investors shifted to cryptocurrency investment is because of its decentralised nature. All your crypto holdings is in your controll. With cryptocurrency, Nobody will dictate how to use your digital assets. You will be in Full custody of your wealth. This is the major reasons why one need to be very careful of the way the government are dancing around the cryptocurrency. There may be an ulterior motive to this.

 

[Limivorous]

Slowly and steadily many companies are embracing cryptocurrency payments. With the expansion of e-commerce has shown an increase in the adoption of cryptocurrency.
Even though there are no strict regulations against cryptos, the central bank of the Philippines has warned people about the risks involved in the nascent market.