Philippines to develop rules on cryptocurrency trading

[ArkiCrypto]

According to the article it stated that:

"The Philippines’ Securities and Exchange Commission said that 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 finalised this year, said Emilio Aquino, SEC commissioner in charge of enforcement and investor protection.

“We need to act because initial coin offerings (ICOs) are sprouting especially in 2017. We want to come up with our own set of regulations,” Aquino told a news conference.
“You have to be extra careful how investors in this new space are protected.”  uthorities around the world, particularly in Asia, have attempted to rein in the global boom in trading bitcoin and other cryptocurrencies
- a form of digital money created and maintained by its users.

Chinese authorities have banned initial coin offerings and shut down local trading platforms, while South Korea - where speculation on cryptocurrencies is also rife - is working on plans to ban virtual coin exchanges.
The regulation on ICOs will include guidelines on cybersecurity of cryptocurrency markets, eligibility of issuers including the officials and technology utilized, and financial literacy of investors, Aquino said.
The corporate regulator has yet to approve any public sale of cryptocurrencies and is investigating unlicensed sellers.
“Unfortunately, there have been a lot of cases where ICO promoters vanish into thin air. We don’t want that to happen here,” Aquino said.
Hackers last week stole $530 million worth of digital money from Tokyo-based cryptocurrency exchange Coincheck Inc in one of the biggest-ever thefts of digital money."

Reuters (2018, January 29) Philippines to develop rules on cryptocurrency trading Retrieved from http://news.abs-cbn.com/business/01/29/18/philippines-to-develop-rules-on-cryptocurrency-trading

What do you think about this? Should the Philippines make their own rules and regulation in regards with cryptocurrency trading or they should just ban ICO's/Cryptocurrency just like what china and korea did?

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[Mometaskers]

I won't mind them tightening on ICOs but they better not find more ways to tax our bitcoins. A lot of people have made money trading in crypto here, they should just put out some regulations rather than outright bans. The money being earned do trickle down, improving the economy. Unlike Duterte's economic policies that only managed to speed up the inflation rate.

[jhean_arcane]

This is fine for me. As a person who wants my money to grow in a legit investment, I feel much safer if I know that there are rules the ICOs have to abide. Knowing this country, scams are rampant and so it's easy for people to be fooled.

Tax is unavoidable for business once the government develop regulations and/or law.

[carlfebz2]

I won't mind them tightening on ICOs but they better not find more ways to tax our bitcoins. A lot of people have made money trading in crypto here, they should just put out some regulations rather than outright bans. The money being earned do trickle down, improving the economy. Unlike Duterte's economic policies that only managed to speed up the inflation rate.

Even myself wont be bother out if they would do such thing when it comes on tightening on ICO since I'm not really into investing with these matter and I do rather believe that most Filipino people are not to engage on investing into these crowdfundings which they do rather earn it up for free rather than on investing.Most people do know the risk no matter how they would ban those things then it doesn't really make a big effect at all.

[aso118]

Framing rules for cryptocurrencies and ICOs is to be expected. With the number of scammy ICOs which disappear overnight with people's funds, regulators cannot be expected to sit back and do nothing. In the long run, this will only aid the popularity of Bitcoin.

[Fantastic33]

Its normal to every government to impose rules regarding crypto exchanges. There are some ICOs that are not honest on their projects. Just like what i saw on the news about 2weeks ago, there's an ICO project wherein a lot of filipinos invest their money on it, then at the end the ICO project didnt push through. The philippine government just wanted to protect filipinos on those fraud ICOs who used to steal money from the pocket of our citizens.

[orions.belt19]

I won't mind them tightening on ICOs but they better not find more ways to tax our bitcoins. A lot of people have made money trading in crypto here, they should just put out some regulations rather than outright bans. The money being earned do trickle down, improving the economy. Unlike Duterte's economic policies that only managed to speed up the inflation rate.

That's hard to say when there recently has been a proposed tax reform bill which imposed a tax on practically almost anything such as sodas. A lot of crypto users in the country won't be happy once this happens. I'm betting those who have profited won't be willing to pay additional taxes for trading or investing. The income taxes are already a bother, and having additional taxes on crypto transaction won't make it any better.

It's about time that the Philippine government to make some action towards cryptocurrency since the use of it within the country and globally continues to grow. If they don't do anything about it, someday it's going to be out of there hands.

[NavI_027]

This make me feel nervous a little bit because after I've read that our country is going to put some regulations in crypto I overthink that it will leads to a ban sooner or later but it seems that I'm all wrong after I read your post fully and I feel relieved right now.

In my opinion, this is great for us because at we can feel that our government support the crypto community and take some actions to protect us against fraud. It seems that our government only wants the best for us having no bad intentions at all so let's be glad and worry nothing.

[zhea]

I think this is good that they have to develop rules on crypto currency trading. So as to protect people who are engage in trading to be scam. We all know that scammers is just at the corner and maybe government just like to protect people and to the money that they use in trading. We usually heard rampant news on fraud and scamming anywhere so I think this is a good action that the government are doing to prevent all those negative things to happen and to help protect people.

[godzillarekt007]

This make me feel nervous a little bit because after I've read that our country is going to put some regulations in crypto I overthink that it will leads to a ban sooner or later but it seems that I'm all wrong after I read your post fully and I feel relieved right now.

In my opinion, this is great for us because at we can feel that our government support the crypto community and take some actions to protect us against fraud. It seems that our government only wants the best for us having no bad intentions at all so let's be glad and worry nothing.

To me it looks like this is restricting the money from heading outside the country, and nothing more than that. I hope for your sake they are doing it to protect you but in any case we will never know the dirty truth.

[bering]

basically Philippines government want to protect their people from scam ICO or similar of it so i think regulation is not always bad because as long as it good for development of cryptocurrencies then i think people will agreed if someday cryptocurrencies regulated by the government and also rather than banning cryptocurrencies i think regulations is more good

[fiulpro]

A good move to stregthen the whole system by implying some tight rules and regulations. When there are talks on putting rules and regulations, it is most likely that ban has been removed as an option. That is why rules and regulation are sought for.
This gives a sense that the governemt is in a way allowing use of cryptos but just with the difference that users need to abide by some rules. This makes is more secure, and in a way government backed system.

[boboking]

I agree with their intentions but what can they do if the project is in another country. How would they persecute the people behind a scam ICO if it is another law I am pretty sure that they do not have any jurisdiction on other countries. If they insure each trade will there be a certain fee for each trade or investment. I know they are still drafting the regulations but I hope they can answer the questions that i have raised.

[creeps]

I agree with their intentions but what can they do if the project is in another country. How would they persecute the people behind a scam ICO if it is another law I am pretty sure that they do not have any jurisdiction on other countries. If they insure each trade will there be a certain fee for each trade or investment. I know they are still drafting the regulations but I hope they can answer the questions that i have raised.

There's no final statement about this rules or regulations but one thing for sure is that, they will do their best to protects its people from scams and also to collect taxes. In fact the Philippine government is advising its people to invest with precautions because this market is really risky.

[pinkflower]

Another case of a government of a 3rd world country exploiting and taking advantage their citizens by pretending that they are "protecting" them. What they are doing really is protecting their overlords in the banking industry because ICOs are a threat to their institutional underwriting business model.

ICOs give the freedom to develop and fund businesses among ourselves. The overlords dont want that.

[intingko]

maybe,it can good in the philippines like investing money because some people in the philippines ignore wht is cryptocurrency we must develop it.

[zero9119]

I don't think the Philippines will ban digital encrypted money!

Regulation ico is the best choice, the Philippine economy is not very developed, ico can bring them tax revenue, bring economic development, provide employment technology!

The Philippines is a relatively open country for the cryptocurrency market, so I think it is sensible to set the rules for the cryptocurrency market to manage this market in their own country. The promulgated regulations will legitimize trade in the cryptocurrency market and ensure the interests of investors in this market.

[tweetbit]

Now, It came to my surprise that it is just this year their planning for some regulation, I’m no against at that move and it even better to regulate those ICO for the security of ithe investors within that country. This won’t hurt the cryptocurrency who were legit and have great project potentials, but those who are scammy in nature and only purpose is to destroy crypto’s name.

[Mometaskers]

I won't mind them tightening on ICOs but they better not find more ways to tax our bitcoins. A lot of people have made money trading in crypto here, they should just put out some regulations rather than outright bans. The money being earned do trickle down, improving the economy. Unlike Duterte's economic policies that only managed to speed up the inflation rate.

Even myself wont be bother out if they would do such thing when it comes on tightening on ICO since I'm not really into investing with these matter and I do rather believe that most Filipino people are not to engage on investing into these crowdfundings which they do rather earn it up for free rather than on investing.Most people do know the risk no matter how they would ban those things then it doesn't really make a big effect at all.

Not a lot of peeps here have even heard of bitcoin, what more ICOs. 

Most people would eventually try ICOs at least once though once they become familiar with cryptos so there would still be some need for regulations to protect those but yeah, agree with your final statement. Caveat emptor.

[Swanh]

According to the article it stated that:

"The Philippines’ Securities and Exchange Commission said that 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 finalised this year, said Emilio Aquino, SEC commissioner in charge of enforcement and investor protection.

“We need to act because initial coin offerings (ICOs) are sprouting especially in 2017. We want to come up with our own set of regulations,” Aquino told a news conference.
“You have to be extra careful how investors in this new space are protected.”  uthorities around the world, particularly in Asia, have attempted to rein in the global boom in trading bitcoin and other cryptocurrencies
- a form of digital money created and maintained by its users.

Chinese authorities have banned initial coin offerings and shut down local trading platforms, while South Korea - where speculation on cryptocurrencies is also rife - is working on plans to ban virtual coin exchanges.
The regulation on ICOs will include guidelines on cybersecurity of cryptocurrency markets, eligibility of issuers including the officials and technology utilized, and financial literacy of investors, Aquino said.
The corporate regulator has yet to approve any public sale of cryptocurrencies and is investigating unlicensed sellers.
“Unfortunately, there have been a lot of cases where ICO promoters vanish into thin air. We don’t want that to happen here,” Aquino said.
Hackers last week stole $530 million worth of digital money from Tokyo-based cryptocurrency exchange Coincheck Inc in one of the biggest-ever thefts of digital money."

Reuters (2018, January 29) Philippines to develop rules on cryptocurrency trading Retrieved from http://news.abs-cbn.com/business/01/29/18/philippines-to-develop-rules-on-cryptocurrency-trading

What do you think about this? Should the Philippines make their own rules and regulation in regards with cryptocurrency trading or they should just ban ICO's/Cryptocurrency just like what china and korea did?

Its been a good idea for me that our country would have rules on cryptocurrencies,if this is their solutions to avoid the existence of fraudulent act i will positively support it.Its been so hard to find money in our country and we don't want that it would be wasted by illegimate Initial Coin Offerings.There were lots sprouting of ICOs in our country and we can't easily determine if it is legit or not.People might be investing in a wrong ICOs and might lose their hard earned money because of it.I just hope that everything goes well,at least we have our assurance to our investments,our fellowmen would benefit this rules.