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Very true are your comments regarding the local regulators for the time being.
But there is an even worse adversary. The USA, and it's plans to force all Crypto_exchanges worldwide to be classified as "financial institutions" like they forced all non-USA banks to become FATCA compliant or face BIG financial penalties that make it impossible for non-USA banks to stay in business if they aren't FATCA compliant.
Our country has always been quick to follow any extraterritorial dictates from the USA. The USA is planning on coming after Locabitcoins.com and that WILL affect Filipino traders even though the initiative is done by the USA.
Quickly, Philippine BTC regulations will be amended to include this USA over reaching mandate and thereby affect all us Pinoy traders too.
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A few months ago I warned of the dangers when it was announced the RP government is now officially regulating bitcoin. Most on this board cheered and welcome this news, oblivious to future repercussions of this development. Repercussions which I took the time to enumerate here a few months ago. Now I bring you this as another warning of things to come that will affect localbitcoin.com pinoy sellers, once the RP government follow's America's lead, which they ALWAYS do. https://news.bitcoin.com/the-slow-criminalization-of-peer-to-peer-transfers/ |
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Here is one man's opinion http://www.coindesk.com/will-new-regulations-help-hurt-bitcoin-startups-philippines/For one, it does not just cover 'VC exchanges' in the way one would expect. It's been written to include bitcoin wallets and bitcoin payment processors – indeed, any service that facilitates currency conversion. (A wallet provider would be exempt if they did not exchange bitcoin for fiat, but those types of services would have little use in the Philippines.)The bigger challenge will be figuring out how to incorporate the mandatory compliance and reporting workflow without affecting costs. In most cases, this would involve hiring additional personnel and retaining legal advice. |
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In the meantime, to all cheering the news that their beloved
central bank has officially begun regulatory measures over Virtual
Currencies:
The response and comments being posted by local BTC users,
buyers, sellers i.e on localcoins etc, are about 95% in favor.
They just don't get it do they. They somehow think this is good.
They think it promotes BTC, It protects customers, it legitimizes
bitcoin they say.
They are proud of their central bank requiring AMLA/KYC procedures.
They are oblivious to the harms:
> The restrictions imposed on them.
> The Tax potential.
> The loss of privacy.
> The power to freeze your account.
> The potential limits on transaction size or monthly transaction
ceilings or some such limit not to be exceeded without further
requirements explaining to some local exchange why the large amount,
purpose excreta.
> The personal data leakage risk.
> The control over your money.
> The danger of government keeping tabs on your activity.
> The increased exchange fees expected, even if regulation is only an
excuse to raise fees by the exchange to increase profits.
I am shocked and disappointed to witness the failure of so many to comprehend the whole picture. How many here really trust government to be reasonable, trustworthy, and to do the right thing? Stop look around you, think of all the things government can't or won't do right.
look around you to see the effects of "letting the government handle it".
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In the meantime, to all cheering the news that their beloved
central bank has officially begun regulatory measures over Virtual
Currencies:
The response and comments being posted by local BTC users,
buyers, sellers i.e on localcoins etc, are about 95% in favor.
They just don't get it do they. They somehow think this is good.
They think it promotes BTC, It protects customers, it legitimizes
bitcoin they say.
They are proud of their central bank requiring AMLA/KYC procedures.
They are oblivious to the harms:
> The restrictions imposed on them.
> The Tax potential.
> The loss of privacy.
> The power to freeze your account.
> The potential limits on transaction size or monthly transaction
ceilings or some such limit not to be exceeded without further
requirements explaining to some local exchange why the large amount,
purpose excreta.
> The personal data leakage risk.
> The control over your money.
> The danger of government keeping tabs on your activity.
> The increased exchange fees expected, even if regulation is only an
excuse to raise fees by the exchange to increase profits.
I am shocked and disappointed to witness the failure of so many to comprehend the whole picture. How many here really trust government to be reasonable, trustworthy, and to do the right thing? Stop look around you, think of all the things government can't or won't do right.
look around you to see the effects of "letting the government handle it".
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Ang tanong lang dito is, paano ung mga kumikita or nagpapalit ng pera ng less than the amount na taxable by the government? Automatically hindi sila matatax ng gobyerno tama ba?
Mahirap na talaga bumili ng bitcoin if dadaan ka sa exchanges pero kung peer 2 peer, wala naman hassle. Another thing yung kinakapatid ko nagsignup sa coins.ph, hinahanapan na ng source of income dun sa application.
Think local seller on localbitcoin. Maybe a capital gains tax on difference between cost basis and proceeds from his BTC sales. OR ,He may, after x number of transactions, be considered an Online Business". He will then have to register as a business and pay tax on his profit and report things,
local money changers are now also under regulation. This was passed a few months ago. But the difference is, money changers dealing in cash, over the counter do so discreetly, There is no third party i.e. Localcoins or the Blockchain keeping a ledger to prove transactions and in the case of local coins, prove the who did the transactions.susnod na lang siguro yan sa kung saan tax bracket siya mag fall under. kung dun siya sa low income, la na siyang tax. pero sa exchange, may charges na silang kinukuha dahil sila ang binabantayan ng gobyerno ngayon. yung mga charges na kinukuha sa atin, ginagamit na nila yan to cover yung mga taxes imposed sa kanila as remittance agent. about dun sa friend mong nagsign up sa coins, sagutin na lang nya lahat ng possible sources: padala from abroad, payment sa pagtuturo online or whatever service ang nai-extend nya, commissions sa networking or direct selling business, mga ganun  |
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Hi, no worry we are also transaction via fb,whatsapp,icq etc.. 1. do you have encryption enabled on whatsapp, or better yet are you using Signal? 2. How does it work selling BTC on IRC? 3. Is IRC encrypted end to end? |
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Until no rules has been drafted and sign yet, we can continue to do like what we normally do. The laws that will be made is just to combat the illegal transactions online as required by the Anti Money Laundering Council and for sure the local exchanges where we convert our bitcoins into fiat will surely notify us once it's out for implementation.
Well let me do it for them. http://www.coindesk.com/philippines-just-released-new-rules-bitcoin-exchanges/There ya go. Now see how easy it will be to buy and sell BTC without Govenment issued ID, your picture, selfie holding your ID, your proof of income, your monthly expected transaction amounts, and ultimately, your ITR will all be part of this wonderful regulation that so many here don't realize has put you right back into the hands or government. |
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