Philippines as the first country in asia to regulate and accept cryptocurrency..

[orions.belt19]

I’m guessing that with these regulations, the amount that one would be able to cash in and cash out would be limited plus there will be taxes for that. Due to AML policies, those illegal practitioners are now caught in some trouble. However, for those who just profit exponentially (I know some Filipinos who are just traders yet are able to gain thousandfold thus making them millionares in a legitimate way but would be suspicious to the AMLC) will now have a hard time. Citizens may find a way around this.

[nanasei]

It is a good news to hear about cryptocurrency and I believe sooner or later all other countries will implement same and regulate cryptocurrency. As one government accepts it so will all other government follows later.

[Michael Thomass]

This is not correct. Before the Philippines adjusted and accepted the cryptocurrency money, many Asian countries accepted it. In December 2013, the Singapore Finance Authority announced that "trading companies accepting bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene."

[Mind Control]

Oh My Gawd! Does that mean the shit posting population on the forum is going to increase exponentially? Imagine the situation now and compare it to what happens once the entire country wants to join bounty and signature campaigns.

Jokes apart, it's a good news but it would be sad for the bounty hunters to pay taxes. You haven't mentioned the tax part which I believe will be applicable once it's regulated.

LOL. The mixture of sarcasm and concern (for the forum) was good. I'll give it to you, hats off 

For the record, Philippines is not the first Asian country to regulate and accept Bitcoin. AFAIK, it was Japan and it was more than a year ago. OP is too proud, he did not even make the facts straight. Worth the shot, I suppose 

PS, there's no tax for cryptocurrency here in the Philippines yet. Brace yourself for shits

[Lamisa asfiya]

It would be very happy news if the Philippines were to take control and adopt cryptocrown as the first country in Asia. Because most countries in Asia are prohibited from using it. I think it will be a very good start for digital money.

[jj6080801]

This is incredible news! I am a pleased national of the Philippines and I'm glad for it. Ideally, the acknowledgment of our compatriots in bitcoin will develop. Furthermore, that would likewise be utilized by business visionaries as paying their items. This is a tremendous interest for bitcoin in light of the fact that numerous individuals who get it can bring about higher rates of bitcoins.

[jrd2828]

This is incredible news! I am a pleased national of the Philippines and I'm glad for it. Ideally, the acknowledgment of our compatriots in bitcoin will develop. Furthermore, that would likewise be utilized by business visionaries as paying their items. This is a tremendous interest for bitcoin in light of the fact that numerous individuals who get it can bring about higher rates of bitcoins.

Yes, Im a FILIPINO and I'm proud to say that it is true, our country in PHILIPPINE is now acceptin crypto currency. Specifically bitcoin, I know lot of FILIPINO businessman who accepts bitcoin as a payments and those who want to engage in bitcoin in the PHILIPPINES, they just need to registered in BSP. For more information just read this aticle https://bitpinas.com/cryptocurrency/is-bitcoin-legal-in-the-philippines/.

[jdamayo28]

This is incredible news! I am a pleased national of the Philippines and I'm glad for it. Ideally, the acknowledgment of our compatriots in bitcoin will develop. Furthermore, that would likewise be utilized by business visionaries as paying their items. This is a tremendous interest for bitcoin in light of the fact that numerous individuals who get it can bring about higher rates of bitcoins.

Yes, Im a FILIPINO and I'm proud to say that it is true, our country in PHILIPPINE is now acceptin crypto currency. Specifically bitcoin, I know lot of FILIPINO businessman who accepts bitcoin as a payments and those who want to engage in bitcoin in the PHILIPPINES, they just need to registered in BSP. For more information just read this aticle https://bitpinas.com/cryptocurrency/is-bitcoin-legal-in-the-philippines/.

Im proud to say that also, Bitcoin is legal in the PHILIPPINES. But for those who plan to buy or enter the world of BTC, we have to register in the BSP or BANGKO SENTRAL NG PILIPINAS. Also lot of businessman in the Philippines engage in bitcoin and accept bitcoin as a payment. That's according to a trusted source, Nelly Favis-Villafuerte a lawyer here in the PHILIPPINES, in fact she write an article about the LEGAL STATUS OF BITCOIN in our country, just try to read it by this link https://business.mb.com.ph/2018/01/12/the-legal-status-of-bitcoin/.

[Louvre]

I thought japan is the first in asia not philippines to regulate crypto. Any corrupt official in government will take advantage of cryptocurrency.
what do you think? How will they prevent that to happen?

[CASTIEL05]

I thought japan is the first in asia not philippines to regulate crypto. Any corrupt official in government will take advantage of cryptocurrency.
what do you think? How will they prevent that to happen?

There is no proof that Philippines is the first Asian country that regulate cryptocurrency. The OP do not have any reference under his post and I think it is just for his own thoughts. I also knew that Japan entered the regulation of cryptocurrency when 2018 comes however, users in the Philippines began to enter the world of cryptocurrency around 2015. Anyway, I am proud also to be a Filipino because we accept all the changes in our society though we are under the third world countries.

[jhonvir666]

I'm proud to say that I'm from the Philippines and yes, everything that's happening here in the Philippines with bitcoin is fine. when we mention about bitcoin it really recognizes it as the Philippine government. Often banks intend to enter a crypto currency with bitcoin. because it's Big enough for you to earn enough from it. I hope we will have plenty of time to accumulate huge amounts while still paying taxes.

[Naughty Princess]

Finally Philipines legalize Bitcoin! Previously, the news of Bitcoin in Philipines was very bad. but now Philipines can form a rule to set the crypto in the country. all forms of Bitcoin crime have been thought of the solution, I think this is a good start for Philipines.

I have been part of crypto before it really legalize and I am proud to be part of the country who accepts it very well. I hope that it will be good help to improve the economy of our country. And also less scammers come and solve this problem to stop cybercrimes. The people who involve should pay right taxes and used for the right way by the officials.

[UniQue7]

Hey, that's a good start, hopefully, other countries take the suit and follow whats to come.

[Core.BUSTER]

Very good news for Philippines. I know a lot of people there loves crypto and some people uses bounties and airdrop as some sort of work. I'm glad it's been accepted there and crypto will help some people in their lifes

Thank you for your opinion, yes you are right there is lot's of bitcoiners here joining in bitcoin campaign there and my work too. I am happy to be part of it cause bitcoin help me a lot to support all the needs of my family and bitcoin give hope in life.

[btc_angela]

I am proud to tell all the members here my country the Philippines is the first to adapt and accept cryptocurrency being regulated by the government. As we all know that Philippines is greatly influenced by USA and that see something that USA has done on the cryptocurrency and quickly embrace cryptocurrency. The idea is to give license for local exchange to operate and in return clients doing crypto and fiat exchange should do one time intensive KYC that inludes linking facebook and collecting I.D even asking for billing address as to get a good cash in and cash out process. THe intensified KYC will determine the amount that you will going to exchange. Aside from that those ICO project should be registered in AMLA a government department concern on money laundering law. So this will cater and regulate possible abusive form in the use of cryptocurrency.

I'm so sorry but you have to get your facts straight. Philippines is not the first country in Asia to regulate bitcoin and crypto, its Japan. Second why would the US influence them? US has also been cracking down crypto recently so you totally contradict yourself. Its really good to hear though that the Philippines has been very friendly to crypto, but still you have to go thru a lot of process before you can exchange your BTC->PHP.

[Leo Barnes]

bitcoin and cryptocurrency are already legal in the Philippines Bangko Sentral ng Pilipinas Monetary Board already approved BSP circular No. 944.

http://rbap.org/2017/03/bsp-circular-944-guidelines-for-virtual-currency-vc-exchanges/

[maliclaire]

I am proud to tell all the members here my country the Philippines is the first to adapt and accept cryptocurrency being regulated by the government. As we all know that Philippines is greatly influenced by USA and that see something that USA has done on the cryptocurrency and quickly embrace cryptocurrency. The idea is to give license for local exchange to operate and in return clients doing crypto and fiat exchange should do one time intensive KYC that inludes linking facebook and collecting I.D even asking for billing address as to get a good cash in and cash out process. THe intensified KYC will determine the amount that you will going to exchange. Aside from that those ICO project should be registered in AMLA a government department concern on money laundering law. So this will cater and regulate possible abusive form in the use of cryptocurrency.

Wow that's a great news for our kababayan, just continuing support in bitcoin

[crzy]

Finally Philipines legalize Bitcoin! Previously, the news of Bitcoin in Philipines was very bad. but now Philipines can form a rule to set the crypto in the country. all forms of Bitcoin crime have been thought of the solution, I think this is a good start for Philipines.

This is a great moved by the Philippine government but I think Philippines is not the first country to regulate cryptocurrency in Asia. Well, being the first is not important anymore as long as the government support this thing. Cryptocurrency can really help the economy and the recent news about the Philippines is they already grants Licences to three crypto exchanges.

[denzkilim]

I think this OP is trolling lmao, Bitcoin is not legalized in the Philippines and if Bitcoin or other crypto currencies are legalized in the Philippines they will surely put a tax and implement rules and regulations on how to use Bitcoin in this country. There is no tax on Bitcoin in the Philippines am I right? And there are no republic acts or rules issued by the government am I right again? There are difference between "Legal" and "Not Illegal" Let me make it simple and easy to understand, The usage of Bitcoin in the Philippines is not Legal but it is not illegal to possess or trade this kind of virtual currency and at the first place if Bitcoin is Legalized in this country, the government will surely put a tax on it and they will announce it.

Let me share a quote from the Central Bank of the Philippines

"The Bangko Sentral does not intend to endorse any Virtual Currency, such as bitcoin, as a currency since it is neither issued or guaranteed by a central bank nor backed by any commodity. Rather, the BSP aims to regulate VCs when used for delivery of financial services, particularly, for payments and remittances, which have material impact on anti-money laundering (AML) and combating the financing of terrorism (CFT), consumer protection and financial stability."

[mob01]

A nice step and good start for the digital money (cryptocurrency) I hope those other countries will follow this step and accept the cryptocurrency.