Bitcoin Forum

Bitcoin prices rose on Wednesday amid reports that the Philippine Securities and Exchange Commission (SEC) is considering allowing crypto currency exchange platforms to operate in the country.

Bitcoin edged up 1.0% to $ 7,353.4 at 11:55 p.m. on the Bitifinex exchange, while Ethereum fell 0.4% to $ 284.69.

Meanwhile, XRP traded at $ 0.33045, down 0.8% in the last 24 hours on Poloniex, while Litecoin rose 1.3% to $ 67.497.

The Manila Times reported that the SEC would work with Bangko Sentral ng Pilipinas, the country's central bank, to arrange exchanges.

Citing SEC Commissioner Ephyro Lius Amatong, the Manila Times reported that the agency is likely to release draft regulations later this month and that they aim to regulate exchanges as a trading platform as soon as possible.

"We see the need to regulate them as a trading platform," Amatong told reporters.

"We have discussed this issue with BSP because BSP is also interested and we are also interested. The discussion ... [involved] supervision of cooperative cooperation on VCE involved in trade, "he said.

In other news, the Japanese Financial Services Agency (FSA) said the country was a currency that was reforming the registration process for crypto exchange.

"The state watchdog has increased the number of questions asked when filtering applications up to about 400 items - up fourfold," the FSA said.

FSA commissioner Toshihide Endo later added that the new regulations were not intended to limit financial innovation in the country, and that supervisors only intended to see the crypto industry "grow under the right regulations."

The regulations of philipines only make the few happy and great news but after its the price if all fall and more dropped.its nite make a signigicant impact in cryptocurrencies world

Even though the price of Bitcoin is dropping none stop it is still a good news for people there since they can freely use Bitcoin anywhere inside the country without any hesitation.

Let's hope that more countries in the region will follow the example of the Philippines and legalize cryptocurrency exchange platforms.Having legal and controlled crypto trading platforms is better than a crypto ban.Anyway,this won't help for the bitcoin price to increase,because there aren't many rich people in the Philippines,who will buy crypto.

This is just the starting point. There will be so many more countries that will make laws for bitcoin and manage to get taxes from the people who make money from bitcoin but they are forgetting that no matter how many laws they put into bitcoin the purpose of bitcoin is to get rid of the centralized ways of regular fiat so we will pay our taxes.

But we will not let them keep our coins under control and decide on who trades what, we will keep doing what we do just add on "informing them" into the algorithm while we keep doing what we do. I am telling you guys we will see many many more countries legalize crypto as well.

But every news can be positive to the market just like what has been reported in the Philippines. Maybe they are just a third world country but every help we can get will be good towards our goal of having a good price at the end of the year.

We really don't know if they aren't rich people in the people, for all we know they have secretly stash millions that it willing to be invested in crypto. Legal and controlled crypto platform is just a start for Philippines. They might be considered the next Asian hub after Japan, South Korean, Singapore and Hongkong.

It is a good news for Crypto users, because day by day there is happy news about crypto legalization. It should be followed by other country that Crypto need a regulation not ban because there is much potential inside, it is not only about money industry but more than it. Therefore, what Philippines decides is good, it can be an example for other country. 

This really a good news,. In this news alot of merchandise will open to use bitcoin as their payment option. Soon it will be cashless, no wonder if some businessmen will open a bank for cryptocurrency.

While this is positive news from the Philippines I really doubt it's behind the incremental increase in Bitcoin price. That would just be normal market forces at play. While the Philippines has a large population it's a largely poor country so it may be difficult for it to have a huge influence on the market if exchanges open up. Not to mention many from the Philippines already own and use cryptocurrencies, I have many friends as evidence of this.

Well it's obvious it did not move the price as we all see the current market performance in which still in difficult situation that it has no sign of a healthy market but this is a good news indeed as Philippines belong to the third world countries will be one of the center of attraction by some poor countries that against Bitcoin to see if it will really make the economy of a poor country to become stable and strong.

This is such a good news and hoping that it will be implement but it doesnt mean that once it legalized they can just hold us or should i say they will be the one that gonna tell us what is the best things or lets say campaign and they are the one who will gona give us a rules about it let still be follow what we think is the good.

Trust me if government will fully legalize the use of Bitcoin there is really going to be a huge increase in the price of every cryptocurrencies, because the reason why most people don’t want to invest in cryptocurrency is because it is not legal in their country and people don’t really consider it a legit business to get involved in, they keep on believing that it is another ponzi scheme which might crash one day, but that’s totally wrong.

if that is really their primary intentions just to legalize bitcoin, and not for the benefit of being taxed and being monopolized and control over an individual citizen's financial welfare, then this is good news for the bitcoin community, i hope they are sincere with their intentions, if so, other country should follow what philippines had been aiming for.

A lot of positive news but why are there not affecting the market.  This type of news is what push bitcoin to the moon last year but this year seeing different.  I think there is a technical reasons why market is down and something need to be done for us to see the market up again.

Very happy when good news comes.The main thing that they somehow affected the course.As we see the capitalization decreases every day,despite the good news.I hope this is temporary

Philippines is really getting into crypto now and with so many good news of adoption to crypto just like the recent CEZA news I guess we're really heading the right way towards cryptocurrency mass adaptation.

This regulation is the attention of the Philippine government to protect investors and to minimize ICO-related cases, as we know policy makers around the world are trying to control the global explosion of Bitcoin trade

I believe so.I hope it won't stop only in the Philippines but to all countries in the world.I know cryptocurrency will surely make the country's economy grow even more if it will be used correctly.The price will surely be stabilized once BSP will soon to adopt cryptocurrency in the Philippines.

Philippine stock exchange is very difficult to understand by buying shares of stock and then there are also many process to cash out  that is why they decided to legalize crypto exchange to promote philippine itself, so investors can help the GDP,  of the philippines,  so that as part of the third world country atleast we see some growth and changes to economical development.  

It depends on the news. If it actually affects the cryptosphere in a positive way, or at least a country where there's decent btc volumem then you can expect some movements upward. But if the news is about a country legalizing bitcoin wich only affects the citizens of said country, then you won't see any spike in the price.

Not really. What made the price shoot up was hype, cryptos hit the mainstream media and everyone wanted to jump into the bitcoin bandwagon because of the "get rick quick" scheme. Dumb money kept pumping the prices, not these type of news.

I noticed lately that good news for the Philippines regarding cryptocurrency adoption keep coming and one of these are the entrance of crypto exchanges in the market including this one :). I'm sure that this will be beneficial especially for all the crypto investors of our country and our economic status in the long run.

I just really hope that this kind of news could bring a positive effect (somehow) on our current situation where all of the commodities' prices are increasing (in short, inflation) and weak dollar-peso exchange rate, which sad to say, happening simultaneously.

Most definitely! News these days are really not the driving factor of the market, and it should have been very much obvious by now. The thing here is that in the long term, this is a very welcome development, but we have seen even more news better than this that was expected to help breathe life into the market, but for one thing, it just ended up not doing so.

As time goes on though and as more countries keep coming up with legalizing and at least finding a way to regulate it, I want to believe it would bring more adoption and adaption for real life usage.

Normally, this is what legalization will obviously cause as it gives people the rest of mind to invest in cryptocurrency without the country breathing on their neck every time and also get to see some improvement in the economy as a result of that based on more development in the area of blockchain within the country and the need to do things better, and so on.

People might still keep looking at the price drop still as a concern, but this is something that is going to be useful for the growth and development of the space in the long run.

Philippines is open minded in this kind of business cause they see the potential of cryptocurrency it brings good future to all Filipino bitcoiners. Hopefully some other countries will not banned cryptocurrency.