Philippines SEC Plans to Regulate Cryptocurrencies, ICOs

[supine]

The Philippines’ Securities and Exchange Commission said on Monday it is crafting rules to regulate cryptocurrency transactions to protect investors and reduce the risk of fraud.

The regulation, which will cover issuance and registration of cryptocurrencies, is expected to be finalized this year, said Emilio Aquino, SEC commissioner in charge of enforcement and investor protection, according to Reuters.>>> Link for the source https://t.co/QnDpl32hXo

They said on the news that they want to regulate cryptocurrency transactions and investments to protect the investors, and investment on cryptocurrency should be treated as same as stock investment. However, the real truth behind this is that they also wanted to gain something from this. They will start regulating it, and then taxing income from traders and investors. Let's just hope that cryptocurrency will not be banned in Philippines.

[spiritguardcharles]

Maybe it's a good news for some bitcoin user's here in the philippines since the government will provide an action regarding the security and protection for those who engage in the world of crypto.However,other people thinks that the reason why the government decided to take an action regarding to this matter is that they will earn something since we all know that coruption exist and most of them are government officials.

[gunblade11]

So to sum up everything, the PROs for the regulation is that cryptocurrency trading would be safe and secure. The only disadvantage that I could only see would be the country's politicians milking the system for their own profit. They just mask their corruption by making it look that they work for our safety. Sucks, man.

[Catch-22]

Regulation for the protection of the investors is better than totally banning bitcoin.