[2017-11-17] Singapore, Bitcoin-Friendly Philippines Aim for Blockchain Cross...

[cybersofts]

Singapore, Bitcoin-Friendly Philippines Aim for Blockchain Cross-Border Payments

The central banks of the Philippines and Singapore have forged a FinTech agreement that could result in cross-border payments over a blockchain between their markets.

Announced yesterday at the sidelines of the Singapore FinTech Festival, the pact is a ‘FinTech Co-operation Agreement’ between the Bangko Sentral ng Pilipinas (BSP) and the Monetary Authority of Singapore (MAS), and aims to establish ties to promote financial technologies in each other’s markets.

The agreement outlines a framework wherein the two central banks will collaborate to share emerging FinTech trends and developments and refer promising FinTech startups and companies to each other, carving an easier entry into the other’s market with regulatory backing.

“MAS and the BSP are like-minded in their focus on harnessing financial technology to reduce inefficiency and benefit individuals and businesses,” MAS managing director Ravi Menon stated. “This Cooperation Agreement between our two agencies provides a framework for promoting financial innovation not only in our countries but can also potentially contribute to broader efforts in ASEAN.”

Singapore is, in particular, home to a number of FinTech endeavors including an MAS-backed vision to develop and create a digital Singaporean dollar on a blockchain. Earlier this year, the MAS revealed details of Phase 1 its ‘Project Ubin’ initiative that concluded with digital tokens of its national currency issued on a private Ethereum blockchain.

Notably, the central banks will also undertake joint projects in the industry, which could include using blockchain technology to facilitate ‘faster cross-border payments and streamlining “know-your-client” (KYC) processes, the announcement revealed. Establishing blockchain payment rails between the two countries would mean a significant state endorsement to the financial technology that underpins cryptocurrencies like bitcoin.

The Philippines has also proven a friendlier jurisdiction for FinTech activity. In February, Philippines’ BSP issued regulations for bitcoin exchanges – in effect legalizing bitcoin – and became one of the earliest countries in the world to do so. The move was heralded as a “pioneering regulation” by BSP deputy director Melchor Plabasan who spoke up the benefits of using bitcoin as a currency that is “fast, near real-time and convenient.”

In signing the agreement with Singapore, BSP governor Nestor A. Espenilla said:

     "The BSP looks forward to exciting times ahead as the CA unlocks diverse opportunities for new collaborations to prosper that maximize benefits of innovative technologies.  This would ultimately pave the way for a more progressive, modern and inclusive financial system".



Source: https://www.cryptocoinsnews.com/singapore-bitcoin-friendly-philippines-see-blockchain-gains-fintech-pact/

[rjbtc2017]

Already signed an agreement? With the current Regulations of BSP on Bitcoin?, Therefore the News that BSP will strengthen their regulation to Bitcoin will now be cancelled. This is a good news then, specially here in the Philippines. I believe that Taxation for Bitcoin will be the next regulation topic that will be discussed by BSP,  Surely BSP will not allow taxing BTC because they can use it to create business relations to other country however, BIR will surely be against on it.

[Haiduongbg]

Already signed an agreement? With the current Regulations of BSP on Bitcoin?, Therefore the News that BSP will strengthen their regulation to Bitcoin will now be cancelled. This is a good news then, specially here in the Philippines. I believe that Taxation for Bitcoin will be the next regulation topic that will be discussed by BSP,  Surely BSP will not allow taxing BTC because they can use it to create business relations to other country however, BIR will surely be against on it.

Good for you guys. Here in Vietnam, there is still a heated debate over how should we treat crypto, that prevents the adoption of blockchain technology. Some blockchain start-ups have to move to another country.

[bubblebit]

That’s great news for both countries, the ties between Singapore-Philippines will be strengthen in this agreement. I have no doubt this will help to boost each citizen investor towards cryptocurrency investments. They’re good of what they do because the government themselves is not making or thinking about self interest but economically. If this will be the thing in other country’s policy towards bitcoin this will show how cryptocurrency connects one country to another an opportunity to unite with bitcoin.

[jekjekman]

Already signed an agreement? With the current Regulations of BSP on Bitcoin?, Therefore the News that BSP will strengthen their regulation to Bitcoin will now be cancelled. This is a good news then, specially here in the Philippines. I believe that Taxation for Bitcoin will be the next regulation topic that will be discussed by BSP,  Surely BSP will not allow taxing BTC because they can use it to create business relations to other country however, BIR will surely be against on it.

Why do you need to tax bitcoin if you can tax the exchanges? Technically you can't tax the bitcoin if it is still a crypto currency the only time that you can't apply taxes on it is when the owner converted it into fiat and the one that can be taxed from it are the exchanges because they are the one who is earning from it. People who converted it might say that it is from an OFW relatives who are exempted from taxes.

[Gotottack]

Singapore, Bitcoin-Friendly Philippines Aim for Blockchain Cross-Border Payments

The central banks of the Philippines and Singapore have forged a FinTech agreement that could result in cross-border payments over a blockchain between their markets.

Announced yesterday at the sidelines of the Singapore FinTech Festival, the pact is a ‘FinTech Co-operation Agreement’ between the Bangko Sentral ng Pilipinas (BSP) and the Monetary Authority of Singapore (MAS), and aims to establish ties to promote financial technologies in each other’s markets.

The agreement outlines a framework wherein the two central banks will collaborate to share emerging FinTech trends and developments and refer promising FinTech startups and companies to each other, carving an easier entry into the other’s market with regulatory backing.

“MAS and the BSP are like-minded in their focus on harnessing financial technology to reduce inefficiency and benefit individuals and businesses,” MAS managing director Ravi Menon stated. “This Cooperation Agreement between our two agencies provides a framework for promoting financial innovation not only in our countries but can also potentially contribute to broader efforts in ASEAN.”

Singapore is, in particular, home to a number of FinTech endeavors including an MAS-backed vision to develop and create a digital Singaporean dollar on a blockchain. Earlier this year, the MAS revealed details of Phase 1 its ‘Project Ubin’ initiative that concluded with digital tokens of its national currency issued on a private Ethereum blockchain.

Notably, the central banks will also undertake joint projects in the industry, which could include using blockchain technology to facilitate ‘faster cross-border payments and streamlining “know-your-client” (KYC) processes, the announcement revealed. Establishing blockchain payment rails between the two countries would mean a significant state endorsement to the financial technology that underpins cryptocurrencies like bitcoin.

The Philippines has also proven a friendlier jurisdiction for FinTech activity. In February, Philippines’ BSP issued regulations for bitcoin exchanges – in effect legalizing bitcoin – and became one of the earliest countries in the world to do so. The move was heralded as a “pioneering regulation” by BSP deputy director Melchor Plabasan who spoke up the benefits of using bitcoin as a currency that is “fast, near real-time and convenient.”

In signing the agreement with Singapore, BSP governor Nestor A. Espenilla said:

     "The BSP looks forward to exciting times ahead as the CA unlocks diverse opportunities for new collaborations to prosper that maximize benefits of innovative technologies.  This would ultimately pave the way for a more progressive, modern and inclusive financial system".



Source: https://www.cryptocoinsnews.com/singapore-bitcoin-friendly-philippines-see-blockchain-gains-fintech-pact/

Reading about these developments in the world that once neglected the birth of Bitcoin is just so overwhelmingly mainstream. It is for the better, though. It just goes to say that the time has come whereby they slowly recognize the possibility of moving around a cashless society through the use of digital currencies.

I agree that the use of blockchain technology between both contracting parties, The Philippines and Singapore, constitute a state endorsement thereby impliedly giving a go signal for people to effectively use the same without fear of being punished by their governments.