The Philippine regulatory maze begins

[nagtatago]

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.