Bitcoin Forum

The Philippines’ Securities and Exchange Commission said on Monday it is crafting rules to regulate cryptocurrency transactions to protect investors and reduce the risk of fraud.

The regulation, which will cover issuance and registration of cryptocurrencies, is expected to be finalized this year, said Emilio Aquino, SEC commissioner in charge of enforcement and investor protection, according to Reuters.>>> Link for the source https://t.co/QnDpl32hXo

I hope they would just regulate and would not come to the time that they will ban it for good, this is the only way I could live my life and it is through gaining such high amount of money from cryptocurrencies.

It's good news that the government approves the cryptocurrency of the country by improving it and will manage it , protecting investors with sophisticated security systems and there must be new products to improve the crypto security in the country either from internet connection may not be hacked or hardware locks , I will see its development hoping the best for the advancement of crypto in the country

That's good news that they have clear plans on regulating cryptocurrency transactions, at least they will just have clear policies and regulation on it not ban it. I just hope this is really to protect investors and avoid scammers or fraud and not a way for their corruption.

Yeah!! I hope same as well but one thing I have realized is that, crypto won't get banned. It will just be regulations upon regulations so a s to make it inconvenient(many thanks to spammers :)) for us but for banning totally, I'm not sure it's goin to happen

That's the good news for all filipino bitcoiner. The Securities  Exchange Commission they want to protect the investors from scammers. The goverment have clear plans to regulate the bitcoins here in the Philippines. I'm so glad they not ban bitcoin but instead they have clear policies to protect the investors.

There are two ways to it. It could also mean bad news. Phillipines citizens might start being treated like the average US investor who are prohibited to participate from almost all ICOs currently available. So don't be too happy about it. The policies might be even more stricter.

You can thank mostly to all the idiots that bought obvious scams and got their life savings took away from them because they listened to the advice of some 17 year old on the internet with a youtube channel (real history, for example, all the idiots that lost a lot of money thanks to buying Bitconnect because "CryptoNick", a 17 year old youtuber, was pumping Bitconnect daily, among others).

The question is: Should the state protect idiots from scammers by ruining the free flow of money and therefore making things harder for legit projects? or does this more harm than good because eventually idiots will always lose their money to scams no matter what? where do you draw a line?

This was inevitable. Expect more and more countries to start coming on board. In the short term it'll probably mean that some ICOs panic, some token holders freak out and lose some money, but in the long term it should prove to be a good thing. There are way too many ICO's that really are straight up scams.

This is a good example of how the government accepts Bitcoin and makes it grow. They improve it and make it safer and more suitable for users of their country. In addition, despite being restricted and losing the negative, crypto participants have to register, but I still think it is not completely transparent and clear.

I wholeheartedly welcome this news! ICOs need strict regulations so that investor's money can be protected. In the last year, we have came across a lot of ICO who have either ran away with the investor's money or have never turned up with the promised product. In both, only sufferers were the investors. A lot of people lost huge amounts of money in to these ICOs.

If Philippines government can provide a regulatory framework for Cryptocurrency and especially for the ICOs, it will bring back the positivity in the market. Investor's interest will be safeguarded. Also it will serve as a reference document for other countries who are willing to bring the same change for their citizens. An welcoming step indeed!

The central bank in my country just banned bitcoins because they claim that they dont have any laws to regulate it, Instead of making the laws regarding regulations they are just too lazy and decided to simply ban it.

Somehow this is good news but what are the actions or road plans of SEC to reduce fraud? This could be really protect the investors or limits the investors to invest on some cryptocurrency.

it's not a bad thing that ICOs are regulated, it's even a very good news

It's good that the government is actually working towards welcoming ICOs, unlike other countries that banned it. If ICOs have the help of government, then both people and country will benefit from it as long as the rules and regulations are balanced.

Wow thats good , I am from phillipines so hoping and looking forward , as a investors too I like actually "we like" to sure that were protected , this will help our country , despite the banning of different ICO's in different places around the globe. So yep looking forward

In the future we may see a lot more regulation or were potentially every token will need to be registered as a security or possible that all exchanges must follow the same requirements / rules of for example the stock exchange or a Forex exchange. There are a lot of ways to still hold an ICO moving forward if they fall within the guidelines of traditional capital raising within a Countries guidelines for example possible using a private placement memorandum and SAFT (Simple Aggreement for Future Tokens).

I dont know if this is really a good thing, after regulating bitcoin, what's next? taxing it? because they will know bitcoin trading brings a lot of money to holders and traders, soon they will require identification of bitcoin users in your country then that's it, it will only be just an ordinary trading just like dollar and foreign currency tradings, where they limit the quantity of currency to protect against money laundering. it is still uncertain what would this step will bring us. let us keep our fingers crossed. hopefully beneficial to us.

From several posts it's is clear that none has mentioned it to be a positive sign from the government of Philippines to support growth of cryptocurrency. Similar way recently Indonesia gained more support from government as well public and all of a sudden regulations were made, which is completely insane.

Well, that's good.. Philippine government was just concerned of its people who invest in Bitcon. They are open minded about bitcoin not because they don't totally knew it..doesnt mean illegal. It is their job to protect their people so let us let them do their job.Regulating is good than banning.

I know the Philippines is a country with a very well developed cryptocurrency market and its government is also open to the use and exchange of crypto. The research and development of an ICO project shows that the Philippine government is really serious about this. I believe that with the backing of the government the ICO project will be a great success.

That's  good for protection of many Filipino user, but when we say regulating for the sake of our protection is to become lesser income because there is a tax involve right? that's why many people are discourage for this regulation, because the main common goal of bitcoin is to help the people from poverty and make it easier in terms of Digital processing to become hassle.  

The Philippine government has a lot of things to recover and enhance this time. They keep making nonsense decisions instead of focusing on much important things here in our country. For me, they doing these thing because bitcoin and other crypto dont have taxes that they can corrupt.

Its nice to hear that, it only shows that Philippines is aware and protecting its people who invested in bitcoin, its better to regulate than banning it.

crypto currency will be more and more regulated by countries where most of investors are there. That's a good thing because investors must be protected from fraud at any cost

Regulating the Cryptos and ICO's are the good thing to do. This way government can impose a tax on it and people will be able to invest on it without any legal fears.

That is a very good motion by SEC not only for the security of the investors but also the welfare of bounty hunters. As to investors, their money will always be in good hands ang bounty hunters will not waste their time and efforts spend throughout the ico.

I think philippines did a wise decision,it is a good sign for all the filipino who's in bitcoin.Although theres some regulation that would implement but it's quite better than completely banning it.Their government might seen a possible effect of bitcoin for its people,i just hope that their banks also consider bitcoin.

I think this is good news. When there is a bill, the acceptability of BTC is also relative to the increase, and it is also a guarantee for the owner

Philippines government saw the potential of bitcoin in their economic growth since it encourage lot's of opportunities for income and investement to many people this maybe the reason why they are planning to regulate bitcoin so that their people will be protected against illegal activities involving bitcoin and can monitor those projects before letting their people invest on it.

This will eventually make more investor to put in money, for surely they will feel safer in by doing so. The thing about crypto is that can make you gain in exponential amount if you really know what you are doing. I am very positive that they will further support crypto for they know that it is helping a lot of their countrymen where in you don't need a degree to earn in cryptocurrency.

This is a very good news to Filipino investors in ICO. I do hope that the regulations that they are formulating will be for the benefit of users and not one sided policy that only government can be sole beneficiary. I speculate that with "regulation" comes the dreaded TAX. This is the part that I do not like.
I hope that they can track down people who are using bitcoin as springboard to networking or pyramiding schemes (it doesn't work that way!)
At the end of the day, we must always be careful where we invest our fiat to crypto money in. Always do research before initiating investment.
Looking forward to a favorable set of guidelines for us users.

Good that the Philippines is taking an extra step to protect their own citizens on protecting them against potential scam and investment schemes. So far the Philippines have been supportive with users of Bitcoin as they only issue warnings about where you pay your Bitcoin as there are many criminals who want to get it. Seeing that the Philippines have two official Bitcoin wallets namely Coins.Ph and Rebit you will know that they are also taking things seriously with their regulation as both wallet providers have verification processes required by the government.

I think that the state will not be able to protect the idiots from scammers. Now you can not trust advertising. You need to choose where to invest your money.

I am happy that they didnt ban bitcoin in our country but instead the reverse of it. They fully support cryptocurrency in our country and planning to regulate it. This is a good news to us Filipino who are earning with bitcoin. I hope this will continue.

This is a good news indeed. The good thing about the Philippine people is how functional they are when it comes to technology. Like Twitter for example, I've read somewhere that the most users of it are from Philippines. That's why it would be a good idea to have some law or rules when it comes to cryptocurrencies to avoid problems.

I think that especially in the Philippines bitcoin can be a very important factor for many people.
Poverty is high, and earning options low. Crypto currencies in a regulated form can help the people to make their lifes better.
And the regulations are really neede so that the poorest won't get scammed for the little money they have.

This is a very good news that will support and encourage a lot of investors of cryptocurrency in the country. With regulation from SEC every single one of investors is sure that the digital currency will not be banned, but just regulated.
And am pretty much hopeful and looking forward to a more convenient centers that accepts transaction using crypto

I think the Philippines' regulation of ICO is a good thing.
Because many filipinos KYC information is the leaked, when the ban after the ICO, so will the KYC information not worth money, and means that the legal regulation is to admit that the encryption is legal in the cryptocurrency market.

Yes it is indeed a good news, now I am expecting to move to Philippines to gain the full benefits of Crypto is Philippines. no need to go to Japan, USA or Europe. Philippines is the answer.  lol.. ;D

They said on the news that they want to regulate cryptocurrency transactions and investments to protect the investors, and investment on cryptocurrency should be treated as same as stock investment. However, the real truth behind this is that they also wanted to gain something from this. They will start regulating it, and then taxing income from traders and investors. Let's just hope that cryptocurrency will not be banned in Philippines.

Maybe it's a good news for some bitcoin user's here in the philippines since the government will provide an action regarding the security and protection for those who engage in the world of crypto.However,other people thinks that the reason why the government decided to take an action regarding to this matter is that they will earn something since we all know that coruption exist and most of them are government officials.

So to sum up everything, the PROs for the regulation is that cryptocurrency trading would be safe and secure. The only disadvantage that I could only see would be the country's politicians milking the system for their own profit. They just mask their corruption by making it look that they work for our safety. Sucks, man.

Regulation for the protection of the investors is better than totally banning bitcoin.