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

[jademacoy]

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.

[kirito1614]

On 6 March 2014, Bangko Sentral ng Pilipinas (BSP) issued a statement on risks associated with bitcoin trading and usage. Recently virtual currencies were legalized and cryptocurrency exchanges are now regulated by Central Bank of the Philippines (Bangko Sentral ng Pilipinas) under Circular 944. But it's not the first country on Asia to regulate bitcoin as you say on your topic. search for Craig Wright he is an Australian computer scientist and businessman. He has publicly identified himself as the main part of the team that created bitcoin, and has claimed he is the identity behind the pseudonym Satoshi Nakamoto. Also Bitcoin was created by Satoshi Nakamoto from Japan. Or, some say, he or she might be a Finnish sociologist or a mathematician from Israel. Some think Nakamoto is the pseudonym of software developer Gavin Andresen, others believe it's Tesla creator Elon Musk.

[Lingqingyi]

Is there any information on the Philippines' friendliness towards encrypted currency markets?
Because I didn't see any new news links.

[Joel_Jantsen]

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.

[cryptokingdom]

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 expect all other countries to follow suit instead of banning cryptocurrency due to fear of money laundry. I expect government to have active, strong and strict cryptocurrency regulative body with experience cybercrime personnel.

[Sama517]

It is a welcome development. At least, the citizens are going to be somewhat protected now from any possible fraud from their local exchanges or escrows. But I hope they won't start taxing the crypocurrency holders? Just asking.

[Domanity]

And now Thailand has also received And legalized Cryptocurrency, I have read the tread in this forum.
please read here :
https://bitcointalk.org/index.php?topic=4583239.0

[paul00]

Do you have links to support your topic? I dont think it is already approved they said are planning and as of now The Banko Sentral did not yet announce what are they move and the last time they said on public television they will wait until central banks regulate it and as of today they are not yet regulating it neither planning it or not.

[Slipknot79]

This is fantastic news! Lets hope in 12 months most countries have followed suit.

[dothebeats]

Isn't Japan the first ones openly regulate and accept bitcoin and other cryptocurrencies on their land? Japan has been doing their moves since the early part of 2017, and it was very recent that the Philippine Central Bank regulated bitcoin and other cryptocurrencies in the hopes of limiting fraud and money laundering in the country. Philippines may be one of the first, but certainly not the first. Also, there aren't any drafts regarding thorough regulation so the road may still be bumpy once the administration reviewed this new fad. Nonetheless, small steps are better than taking no steps at all.

[mmo_online_1981]

What is good news, most Asian countries have not accepted and allowed the use of Bitcoin and altcoin! This is a good start for digital money!

[BrewMaster]

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.

bitcoin is already regulated in other Asian countries though! even in China despite all the bullshit news, bitcoin has been regulated.
...not to mention Japan

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.

there are a couple of things wrong with this statement.
USA regulated bitcoin a very long time ago (i think it was 2012 or maybe before). additionally bitcoin has been a commodity there for years. Philippines just realized that and called bitcoin a "security". i wouldn't get too excited about something like that!
the only thing worth getting excited over is when they see bitcoin as a currency not something else.

[chelle5]

I don't if is a good news or bad news for them, why Philippines the first country accepts cryptocurrency, I think they are not yet ready.

[stompix]

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.

No, it simply means that Japan is not in Asia.
Or, the OP is too stupid to know that.

Pick one!

Isn't Japan the first ones openly regulate and accept bitcoin and other cryptocurrencies on their land?

Details, details....  

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.

Source for this? Preferably a statement on an official website.

[purple.thoughts]

I am proud to say that I am also from the Philippines and yes, everything is fine here when we say bitcoin because the Philippine government acknowledges it. Even banks are planning to embrace bitcoin. Lucky enough to earn from it. I hope that we will still have a lot of time to earn while it does not have tax fee yet.

[Intensity13.6]

Probably,that will be a good news for your country. But,will you please share a link to everyone to prove this your interesting information for many people who are doing activities in cryptocurrencies. How people will believe if there's no proof to show?!

[zolfa]

philippines have excellent technological growth, the people there have great enthusiasm for technology.

so, I think crypto will support their life, crypto will reach all aspects of intrinsic value. The SEC must give a reward for Philippines.

[tailor.and]

I must say that's a great new! People are day by day adopting crypto currency and the popularity is increasing gradually. I hope one day more different countries in Asia will accept crypto very soon.

[Jetakenare]

If true, a step in the right direction. More countries need to do this and give a solid base to cryptocurrency. Without this regularisation, a lot of scam fraud will he committed to the detriment of the crypto world.

[justsimpleram]

I am pinoy to and I am very happy that Philippines accept the crytocurrency. For me crypto is a big help to my country. Because many of the people here have low income and they need some extra income. And crypto world can be a big extra income it can be done by part time or full time. And many of us is getting a big income here so thanks to the people behind it.