Philippines to develop rules on cryptocurrency trading?

[Duelyst]

MANILA (Reuters) - 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 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.”
Authorities 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.  (source:  https://www.reuters.com/article/us-philippines-cryptocurrency/philippines-to-develop-rules-on-cryptocurrency-trading-idUSKBN1FI0NK)

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[tot-o]

(To be frank, when the statement is coming from a person you don't believe and you don't like I don't believe him at all).

Either they support a project to create one crypto from and made by Philippines why he need to highlight and criticize the failure of the other people why not suggest a better way to do it??

I do look forward having our own coins and I will buy it during the date of launching.

[D3Dsec]

(To be frank, when the statement is coming from a person you don't believe and you don't like I don't believe him at all).

Either they support a project to create one crypto from and made by Philippines why he need to highlight and criticize the failure of the other people why not suggest a better way to do it??

I do look forward having our own coins and I will buy it during the date of launching.

It's not about making or regulating  our own cryptocurrency I think, it's just that the SEC wants the safetyness of the future investors here in the Philippines to avoid money laundering which is a very common issues in the market.

[Coffee_Lover]

MANILA (Reuters) - 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 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.”
Authorities 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.  (source:  https://www.reuters.com/article/us-philippines-cryptocurrency/philippines-to-develop-rules-on-cryptocurrency-trading-idUSKBN1FI0NK)

Kung tuluyang mang sususportahan ng gobyerno natin ang cryptocurrency at magbigay sila ng conditions sana naman ung makakaya ng masang Pilipino at hindi lang ng mga nakakaangat. At sana isipin nila namakakatulong ito mga Pilipino kahit anumamg estado ng kanilang pamumuhay at hindi lang tulad nilang mayayaman.

[Duelyst]

(To be frank, when the statement is coming from a person you don't believe and you don't like I don't believe him at all).

Either they support a project to create one crypto from and made by Philippines why he need to highlight and criticize the failure of the other people why not suggest a better way to do it??

I do look forward having our own coins and I will buy it during the date of launching.

The Philippine Government, including the SEC and even the BSP itself are not against CryptoCurrency.  They just wanted to make sure to make a proper guidelines for the protection of the one who use and receive compensation thru Bitcoin, tokens, coins, etc.  This news is not a threat to us here.  And I don't see any reason for having us our own coins while our Peso itself is suffering right now against the US Dollar.   

[Memminger]

MANILA (Reuters) - 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 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.”
Authorities 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.  (source:  https://www.reuters.com/article/us-philippines-cryptocurrency/philippines-to-develop-rules-on-cryptocurrency-trading-idUSKBN1FI0NK)

I don't see this as a bad thing or threat. They are just securing the coins. Though everyone knows that Ph government is against crypto currency. These rules are for our own security. It's not that bad we just have to follow them.

[janvic31]

maganda ang hangarin ng SEC sa nasabing usapin na yan tungkol sa cryptocurrency nga lamang kung ipalalabas nila ee yang mga negatibong ngyayari,halimbawa sa mga scam baka mag dalawang isip nga ang taong bayan.
sana ang mapag usapan dito ee kung pano sila makakaiwas sa panloloko at ang magandang dulot sa tao ng crypto.

[goodvibes05]

Sa pagkakaalam ko  suportado naman ng BSP ang cryptocurrency. Maganda itong hakbang ng ating gobyerno upang maprotektahan ang mga cryptocurrency user dito sa bansa. Sa ganitong panukala ay maari nating maiwasan ang mga manloloko.

[arwin100]

Sa pagkakaalam ko  suportado naman ng BSP ang cryptocurrency. Maganda itong hakbang ng ating gobyerno upang maprotektahan ang mga cryptocurrency user dito sa bansa. Sa ganitong panukala ay maari nating maiwasan ang mga manloloko.

Nope hindi supportado ng BSP ang cryptocurrency dahil pinag iingat nila ang mga tao sa pag invest sa virtual currency dahil talamak naman talaga ang scam gamit ang crypto's.

Pero may pros at cons ang pag develop ng rules ukol dyan dahil tiyak dadami ang beripikasyon natin sa paggamit natin sa ating mga crypto's at may regulation pang kalakip. At ang magandang bagay namannsa rules na sinasabi mo ay tiyak kakauntintalaga ang scam na magaganap dahil me mata ng titingin ukol dito.

[RoooooR]

Maganda to pero sa kabilang banda sabi nga nila kapag may pros laging may cons, alam natin na mas magiging convenient saating mga traders if magiging legal talaga sya pero money wise malaki ang mawawala satin imagin the tax na pwede i impose dito plus transaction fee sa mga exchanges diba. sakabilang banda magiging mainstream na sya pero pwede rin maging maganda kasi nga dadami mag ccrypto mas maraming pera ang papasok sa crypto world which means may chances na tumaas ang mga presyo. Case to case lang talaga para sa bawat isa.

[Dabs]

Hackers stealing from Coincheck have nothing to do with ICOs.

BSP / SEC don't know what they are talking about. They want to protect the people. The way they will do this is by making it impossible for normal people like you and me to participate in any new ICOs, or they will attempt to regulate what can not be regulated.

Sa madaling salita, hindi ito maganda, not for them, not for the people.

Ang kailangan kasi, education for the people. Madali lang naman makakita ng scammer, pero I saw the news 2 or 3 weeks ago, an OFW who saved 15 years and lost 2 million to some investment scam (that is not even crypto at all). Kung hindi mo maintindihan, wag ka sumali.

[micko09]

BSP / SEC ay naka focus sa mga tao/investors at hindi sa cryptocurrency, they set own regulations para mas lalo nila maprotektahan ang mga na iinvolve dito, dahil madaming naglalabasang scam o madaming nang sscam,  minsan sa tao nadin ang problema kung bakit na sscam, kahit alam ng scam sumasali padin, gusto ng instant money, kahit kaduda duda nag iinvest pa din, for me need talaga dito is to educate all people about investment not only crypto lang. kasi kung my alam ka madali ma iidentify kung scam o hindi eh.

[Danrose]

Maganda kung mag karoon ng patakaran sa crytocurrency trading para hindi naman kawawa ang mga na mumu  hunan.at para wala ng na Nanamantala sa mga taong gumagawa ng mabuti.o nag hahanap buhay ng parehas.

[gemajai]

It's always for safety purposes. But of course, tax or other fees may still get in the way. Kung babalikan natin ang reason kung bakit nabuo ang cryptocurrencies, ito ay para alisin sa eksena ang mga regulators and middlemen sa mga business transactions. Ang goal e sa pagitan lang ng buyer at seller ang mangyayaring palitan para nakakasiguro ang seller na sa kanya ang BUONG KITA at hindi makakakuha ng pursyento ang di naman naghirap para kitain yun. I'm not against the regulators pero kung may aangal man sa pakikialam ng goverment at ng iiimpose na rules, sana maintindihan natin itong side na ito.

[Aying]

MANILA (Reuters) - 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 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.”
Authorities 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.  (source:  https://www.reuters.com/article/us-philippines-cryptocurrency/philippines-to-develop-rules-on-cryptocurrency-trading-idUSKBN1FI0NK)

sa aking pananaw hindi magandang hakbang ito kasi gusto nilang maprotektahan lahat tayo sa mga hackers, parang napaka imposible naman nun para sa akin, dapat kasi tamang kaalaman ang kailangan ng ating mga kababayan about sa crypto currencies.

[Godric-Gryffindor]

Ginagawa lang ng SEC ang trabaho nila,
But if part ng future project nila ang information campaign, para maiwasan ang hacking and shady crypto investing,
dun nalang muna sila mas mag focus.
Meron naman na kasing mga ginagawa mitigation para maiwasan ang mga unregulated ICOs, just one example, coming from ethereum founder himself Mr. Buterin, he proposed a system called DAICO (DAO + ICO) para mabawasan o maiwasan ang mga shady and unregulated initial coin offering.

[Rosiebella]

I am looking forward to this set of regulations that they are about to come up. It is indeed great to hear that the government is open to the concept of cryptocurrencies and is willing to make it far secured for the investors specially in this world full of scammers and hackers.

[ruthbabe]

I am looking forward to this set of regulations that they are about to come up. It is indeed great to hear that the government is open to the concept of cryptocurrencies and is willing to make it far secured for the investors specially in this world full of scammers and hackers.

Talaga? Kung totoo balita na yan, ano ba alam nila tungkol sa ICO? Meron na ba silang listahan ng mga ICO projects dito sa bansa? At listahan ng mga investors? Ang dami nilang dapat ayusin sa kanilang bakuran kaya dapat huwag na silang makisawsaw sa crypto at ICO.

[darkangelosme]

MANILA (Reuters) - 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 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.”
Authorities 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.  (source:  https://www.reuters.com/article/us-philippines-cryptocurrency/philippines-to-develop-rules-on-cryptocurrency-trading-idUSKBN1FI0NK)

 Well wala naman akong nakikitang masama sa sinabi ni mr. Aquino kung tutuusin mas pabor nga yun sa atin eh. Madali na ma trace ang mga fake ico pag napatupad na yan. Wala akong reklamo jan basta ang panghihimasukan lang nila ay ang mga mag lalaunch ng ico. At hindi nila pakiki alaman ang mga pangkaraniwang investor gaya natin. Hindi naman investor ang may potential mangscam diba .

[zenrol28]

Una sa lahat, parang hindi tugma yung pamagat ng thread ni OP sa laman ng kanyang post. Nakaukol ang post mo sa ICO regulation ngunit ang iyong pamagat ay ukol naman sa palitan ng cryptocurrency.

Parang gusto ng SEC ay magregister muna yung mga startups [malamang syempre may bayad yun] bago maglunsad ng ICO / pre-sale. Tama yung sabi ni sir Dabs, mas mainam kung information drive ang gawin nila imbes na mga regulations na siguradong huhuthutan lang nila ng pera. Kunwari pa may malasakit sila sa atin? Sus, luma na yan.