Philippines to develop rules on cryptocurrency trading

[21millionsbtc]

Philipines and Malaysia two Asian country are in regulating cryptocurrency trading in good terms they are banning like India and China crypto market can be regulated with government and banks support

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[Nylelyn]

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?

I know for a fact that our government has been really devising its own way on how to penetrate the crypto currency due to the reality that bitcoin is trending now a days. It could be a fountain of revenue. This move to regulate and legalize crypto could be beneficial if the goal is to protect the investors and not on their purpose. Definitely they will impose tax at the maximum level which in turn we cannot do anything.

[timerland]

We can't dictate what the Filipino government does. But whatever they do, let's hope that it's not an outright ban on cryptocurrencies. I believe that countries who try to restrict people from accessing crypto is just shooting themselves in the foot right now, they are restricting crypto related companies from sprouting up in their countries, which is to their own detriment.

Crypto regulation has become a global trend after 2017's huge bull market, and it's causing some concerns for holders for sure.

I don't see anything intrinsically wrong with regulation, as long as they are not unreasonably strict on the average Joe. The Philippines has a large amount of Bitcoin users already, and hopefully the government is able to take a step in the right direction by implementing positive regulation that makes investors safer, but do not restrict them from investing altogether like we saw in other countries.

[newgal2017]

It is a great movement to commence policies to be implemented in regulating ICO projects. Given the fact that the Philippines has a large amount of Bitcoin users, which is continuously growing, its is important to be vigilant and conformist because of the state of our society today where scammers and fraudsters are everywhere and have a growing number. Establishing regulations would have an impact to the level of security of investors and welfare.

If all of the government all over the world would be willing to try to understand this industry and would be open to do resolutions to stop the complications between the government and cryptocurrency, it would be great that the government would allow the use of cryptocurrency freely but while following regulations that are both fair to the both parties.

Yet again, the intention of the government won't be assured unless revealed by future events.

[squog]

If it is just ICOs then I'm fine with it. Besides, i don't usually go into it as a matter if principle. My heart skipped when i saw that the Philippines will be regulating crypto currency. I thought there will be another country that will pull out of crypto currency making prices drop once again.

[cryptoman512]

My country, the Philippines is quite optimistic about the technology innovation blockchain brought to every business model or protocol you can think of. They are optimistic about the benefits bitcoin and blockchain in remmitances and transfer of money with low fees. However, they still have this urge and responsibility to protect the public against those who will take advantage of the hype. I agree, and I hope they come up with fair and meaningful regulation. And if they come up with tax, I hope they have the ability to identify which trade was done for invesment and which is the one done thru emmitance. I don't like remmitances being taxed. That's awful.

[almersyn]

basically we as investors do need protection in order to avoid fraud and so forth from investing in ICO. In filiphina and south Korea began to grow rapidly ICO edengan goal to attract investors to become part of its ICO. This is open just looking for profit alone but it needs a protection for investors