Bitcoin in Asia

[darkangel84]

With its popularity at an all-time high, it naturally earns the attention of the Bangko Sentral ng Pilipinas, the country’s currency, money supply, and interest rate manager.

The Central Bank of the Philippines recently mentioned how Bitcoin is becoming popular in the Philippines. BSP Deputy Governor Nestor A. Espenilla Jr. even said last January 2017 how Filipinos have started using Bitcoin to send or receive remittances from abroad.


Is Bitcoin Legal in the Philippines?

BTC Exchange services are now registered with the Bangko Sentral ng Pilipinas. Coins.ph, for example, is registered as a Foreign Exchange Dealer (FXD), Money Changer (MC) & Remittance Agent (RA). Furthermore, other businesses who want to engage in Bitcoin transfer needs to get registered with the BSP. If not, no banks will deal with them.

What is the impact of this and why is it important?

The BSP wants to manage the risks involved with cryptocurrencies.

This is to prevent some people to inject dirty money into the country through Bitcoins that gets converted to Pesos.

Stricter KYC (Know Your Customer)

Bitcoin companies will have stricter KYC (Know Your Customer). This means they will know who you are. (This is the reason why I did not put anonymity as an advantage of Bitcoinn in the Philippines).

So they are authorized to deal with banks

This registration allows bitcoin companies to deal with banks. In addition to the costs needed to establish a business, buying bitcoin in the Philippines means the user pays in peso to receive Bitcoin. Coins.ph allows you to fund your Bitcoin wallet directly from your bank. The same is true with the other websites.

Does the Bangko Sentral ng Pilipinas endorses Bitcoin?

The BSP made it clear that it was not endorsing bitcoins or any other digital currencies. This is because it is not backed up by any commodity or monitored by a central bank. Here’s a quote from the Circular they published early in 2017:

The Bangko Sentral does not intend to endorse any VC, such as bitcoin, as a currency since it is neither issued or guaranteed by a central bank nor backed by any commodity. Rather, the BSP aims to regulate VCs when used for delivery of financial services, particularly, for payments and remittances, which have material impact on anti-money laundering (AML) and combating the financing of terrorism (CFT), consumer protection and financial stability.

What is the BSP’s Circular No. 944?

This circular details the guidelines the BSP had set up for businesses engaged in Virtual Currency Exchange (such as Bitcoins) in the Philippines.

What is included in the Circular No. 944 by the BSP?

Requirements for the Issuance of a Certificate of Registration
Details how a VC exchange can obtain a certificate of registration
Registration and Annual Service Fees
Details the payments the VC exchange has to do
Transactional Requirements for VC Exchanges
If you remember the limits and verifications on Coins.ph and Buybitcoin.ph, this the reason why.
Technology Risk Management
Details the technologies VCs must put in place to protect its business and its customers.
Internal Control
Details what the Exchange should do to make sure it follows the BSP Guidelines.
Notification and Reporting Requirements
Details what and when will the Exchange report to the BSP.
Additionally, the circular also detailed the penalties for every violation that they might do.

So is Bitcoin Legal in the Philippines?

Yes, it is legal to use Bitcoins in the Philippines. If anything, the BSP ruling is a step that allows everyone to engage in bitcoin without fear of being classified as someone who doesn’t use traditional currency (AKA the Peso). It is a step towards acceptance. Also, it is a way of telling us that we can deal with bitcoins if we want.

So if a business wants to accept Bitcoins as a form of payment, the business is free to do so. If you are a freelancer and you wante to receive payment in Bitcoins, you are free to do so too. Again, it is important to note that the BSP does not endorse virtual currencies for reasons already stated above. However, those who wish can engage with bitcoins. Consequently for BTC exchange services, you must register first and follow the guidelines set up by the BSP.
 
Reference link: https://bitpinas.com/cryptocurrency/is-bitcoin-legal-in-the-philippines/

[aisyah88]

now bitcoin in asia have started a lot of enthusiasts and followers and maybe in the future asia, europe and other countries will participate with bitcoin and we just wait in other Asian countries that have not followed bitcoin ... to follow bitcoin ...

[Lannie25]

Bitcoin is popular in some countries in asia like in china in which bitcoin was one of the investors and also in japan i think the country of india will soon adopt the bitcoin as a cryptocurrency.

[Xanxus024]

Based on what i read most of the user's and investors of bitcoin in a asia is came from china. I think other countries here in asia they going to adapt bitcoin now because of the popularty and demand's and it's very friendly users when it comes on payments.

[Maheshkumar_Hrangkhawl]

in my country Indonesia bitcoin is still illegal and not yet approved by the government, but the circulation is still allowed.
hmmmm maybe 5 more years bitcoin will be legal ? may be, just my opinion

This article says that it is legal in Indonesia:

https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

There are several exchanges and other BTC-related businesses operating out of Indonesia.

[yohan09]

I am also an asian, But most of our neighbors he're don't recognize bitcoin as a virtual currency. Maybe one reason is that, we have limited access on internet, Some people also don't cares about bitcoin, I guess it takes time to recognized by everybody.

[Eraldo Coil]

Bitcoin is not new here in Asia. It is already introduced in the world since 2009. But only a few people know about it. This year 2017, a lot of people here in Asia is already investing in bitcoin. And not only in bitcoin but also in other cryptocurrencies. Meaning, it is already popular in Asia, especially in China.

[Asusnumbaone]

How common is Bitcoin in Asia? Just want to know

Bitcoin is already introduce in the world so also in the asia. When the bitcoin is release in the world, there is a low users of in the Asia. Now 2017, there is a lot of users in Asia who are using the bitcoin. Some asian is investing the bitcoin system. Some asian are also mining in the faucets sites to gain a small amount of bitcoin. A lot of people in the asia is now accepting the bitcoin as a online currency. Bitcoin is easier and riskier to use but it is very convient to use.

[naitik01]

In Asia, Bitcoin has attracted some of its countries. In Asia, people work part-time to earn money, so the Bitcoin campaign is present with one important option. Japan, China, Russia etc. countries have accepted Bitcoin. My opinion will soon accept Bitcoin in other countries.

[reck1ess]

How common is Bitcoin in Asia? Just want to know

In our country it is quite popular since we have a wallet that enable the user to withdraw and deposit easily. Also it is also used to pay bills, buy load and even game credits. That is why there are many bitcoin user here because it can be use in many ways.

[TonixGaming_14]

How common is Bitcoin in Asia? Just want to know

Because of the popularity of bitcoin Asian country accept bitcoin and there are some country banned in bitcoin. There are a lot of user using bitcoin in some country in the Asian like Philippines they are accept bitcoin as part of there financial.

[Gladz29]

Bitcoin is Asia is being accepted one of the reasons why is because Asia country has a low paying job, since altcoin/ico campaign pays more than usual job many people has a day time job and a campaign job.

Bitcoin here in Asia is so popular. I think most of people here in Asia investing in bitcoin. Because we know that bitcoin is the way for the better future and also its very helpful to each and everyone.

[Joyawan13]

Many are preaching the use for bitcoins in Asia in cross-border transactions, which can be faster and cheaper than those coursed through traditional channels because Bitcoin eliminates intermediary fees and time constraints imposed by third-party institutions.

The benefits of Bitcoin use seem very prominent in Indonesia, India, Thailand and the Philippines, where many families have to deal with cross-border transactions. These range from families receiving money from relatives working abroad, to parents sending money to children studying overseas, to businesses accepting payments from customers abroad.

China, a giant in bitcoin mining, and Singapore, a known hub for tech and finance, are helping the growth of the industry in Asia and and Malaysia is looking closely at fintech (financial technology).

It is possible today that bitcoin in Asia is becoming more and more people knowing it, and with bitcoin it may be that many people can be helped in transactions or remittances from all over the country, and suppose there are parents who want to send money to their children Schools across the country can be faster to send money, and hopefully with bitcoin can help many people.

[mudsadji]

Bitcoin here in Asia is so popular. I think most of people here in Asia investing in bitcoin. Many people want to make money through bitcoin and make money quickly.To change their live.

[chathun]

In the past 2010,the Bitcoin is not popular in asia.But now lot of people invest in Bitcoin.Specially China.I am very sure that It is more and mora popular in the future.

[removebeforeflight]

Bitcoin is not accepted as legal tender in most of Asian countries but the exchange, investment and trading is still happening. Asian countries government is looking closely the move from developed countries to take a decision for their country. If any developed country adopts bitcoin, then it would be mile stone for bitcoin as legally accepted everywhere.

[Lun4t1c]

How common is Bitcoin in Asia? Just want to know

Bitcoin is very profitable here in the Philippines and the trend of bitcoin here is still rising. Bitcoin is one thing to be considered as a tool to kill the poverty here.

[Pink Panda]

Maybe here in our continent its really bit a popular but here in our country some still have known and trusted it..Still there are some are doubting and Saying bitcoin is a scam

[zmkriel]

I came from asian country and here in my country, I could say that bitcoin is quite popular already. And it is spreading around the news so my countrymen for sure who still doesn't know about bitcoin before becomes interested by now.

[housa]

I think Bitcoin is very popular in Asia. Most of the projects are conducted by Asians. There are also European and American countries but I have very little contact. As Asia has a large population, the market for bitcoin is very wide.