Cryptocurrency Regulations - Philippines

[crzy]

Philippines is now becoming a cryptofriendly, and this can help to boost their economy.
Despite of scams (Bitcoin Scam: https://bitpinas.com/news/php-900-million-bitcoin-scam-rocked-the-philippines/) happening around the Philippines they are still open for the possibility of adopting this technology, and the good news is Philippines is now granting a Licenses for the 3 crypto exchanges.

Here's the link: https://cointelegraph.com/news/philippine-special-economic-zone-grants-licenses-to-three-crypto-exchanges

I just hope that they will make a good regulations about this, and no politics involved about this thing.

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[qwertyup23]

Philippines is now becoming a cryptofriendly, and this can help to boost their economy.
Despite of scams (Bitcoin Scam: https://bitpinas.com/news/php-900-million-bitcoin-scam-rocked-the-philippines/) happening around the Philippines they are still open for the possibility of adopting this technology, and the good news is Philippines is now granting a Licenses for the 3 crypto exchanges.

Here's the link: https://cointelegraph.com/news/philippine-special-economic-zone-grants-licenses-to-three-crypto-exchanges

I just hope that they will make a good regulations about this, and no politics involved about this thing.

I read this on the news and in fact, our thesis adviser is the consultant on the Cagayan Economic Zone Authority (CEZA) blockchain and cryptocurrency ecosystem and the first CEZA Financial Technology Solutions and Offshore Virtual Currency Exchange (CEZA FTSOVCE) Principal Licensee. With this being said, the Philippines is starting the current where they are adopting and licensing cryptocurrency ecosystem.
Although it may be beneficial, the exchange is limited to its scope that GMQ will have a back office in Cagayan and this would only involve cryptocurrency to another cryptocurrency.

Link: https://bitpinas.com/news/philippines-ceza-grants-offshore-cryptocurrency-exchange-license-gmq/

[samcrypto]

Saw this news too and I see a great potential for that exchanges, as the Philippines slowly adopting cryptocurrency no wonder they can become a good place for cryptos in Asia.

I just hope that they will make a good regulations about this, and no politics involved about this thing.

The only problem is this, but hopefully their intention is really to adopt the system and not just to benefit on that acceptance.

[audaciousbeing]

Philippines is now becoming a cryptofriendly, and this can help to boost their economy.
Despite of scams (Bitcoin Scam: https://bitpinas.com/news/php-900-million-bitcoin-scam-rocked-the-philippines/) happening around the Philippines they are still open for the possibility of adopting this technology, and the good news is Philippines is now granting a Licenses for the 3 crypto exchanges.

Here's the link: https://cointelegraph.com/news/philippine-special-economic-zone-grants-licenses-to-three-crypto-exchanges

I just hope that they will make a good regulations about this, and no politics involved about this thing.

While this is a good one to happen at this time, I don't see this form of regulation as a form that is needed at this time of development because from what I see there, the total cost that would cause an exchange to be listed is non-refundable amount of $300,000 and some background check if satisfied, they are issued provisional licenses to operate. This is all that is needed for a company that investors and traders would be trusting to handle millions of dollars which would serve world wide clients after priding itself to have been licensed in the Philippines, nothing is said about having a certain amount as deposit, an insurance cover, a routine check on their infrastructure, and the worst of all is that the companies involved in this first batch of licensing are all foreign countries which the country might not have repatriation policy with in case they decide to just scam the citizens and there is nothing else to do. I only see this as a form of revenue generation source for the agency involved and not necessarily ensuring sanity in the indutry.

[acheampong64]

I just hope that they will make a good regulations about this, and no politics involved about this thing.

And that is one of the main reasons why we say we don't like government interference. Immediately it happens, politics set in and it looks real bad. But one other fact is that we cannot stop the governments regulations and interference, they've already made it their motive to involve themselves.
Anyways kudos to Philippines for such an awesome initiative, hopes it goes on well for everyone

[Harlot]

They are really open when it comes to assets like cryptocurrencies, as I recall cryptocurrencies were never questioned on their legalities in fact their central bank, Bangko Sentral ng Pilipinas, always issue warnings and guidelines when it comes to cryptocurrencies investment scams. As most Filipinos are not knowledgeable when it comes to cryptocurrencies they are being targeted mostly by scams, luring them into putting their money for this types of "investments" where they are really a fraud waiting to happen. I hope other countries as well will follow on how open and how this country is taking advantage of cryptocurrencies in their economy.

[creeps]

I just hope that they will make a good regulations about this, and no politics involved about this thing.

And that is one of the main reasons why we say we don't like government interference. Immediately it happens, politics set in and it looks real bad. But one other fact is that we cannot stop the governments regulations and interference, they've already made it their motive to involve themselves.
Anyways kudos to Philippines for such an awesome initiative, hopes it goes on well for everyone

Yeah, we cannot control them and we really don't know if there's hidden agenda here but we should not focus on that instead let's all be happy for this move. Cryptocurrency is now making big impact in every country who will accept it, I hope Philippines will grow more economically.

[ruthbabe]

I just hope that they will make a good regulations about this, and no politics involved about this thing.

And that is one of the main reasons why we say we don't like government interference. Immediately it happens, politics set in and it looks real bad. But one other fact is that we cannot stop the governments regulations and interference, they've already made it their motive to involve themselves.
Anyways kudos to Philippines for such an awesome initiative, hopes it goes on well for everyone

You're very negative... "why we say we don't like government interference", what do you mean by "we"? Maybe YOU and not us. If the government did not interfere in these 3 exchanges, do you think they can operate? Who will issue their licenses, the NPA? There are still 70 companies that have already applied to operate in the Cagayan Economic Zone, is it not the government that will approve their application? If there's no government interference, where and how did they apply?

[ajochems]

Philippines is now becoming a cryptofriendly, and this can help to boost their economy.
Despite of scams (Bitcoin Scam: https://bitpinas.com/news/php-900-million-bitcoin-scam-rocked-the-philippines/) happening around the Philippines they are still open for the possibility of adopting this technology, and the good news is Philippines is now granting a Licenses for the 3 crypto exchanges.

Here's the link: https://cointelegraph.com/news/philippine-special-economic-zone-grants-licenses-to-three-crypto-exchanges

I just hope that they will make a good regulations about this, and no politics involved about this thing.

It will be the good news for the people in Philippines.This will enable the new people to inverse in bitcoin. It increase the demand of bitcoin in the market.If all the country ,start to regulate the bitcoin or make bitcoin as a legal tender.It will impact the price of bitcoin to the moon.

[crzy]

It will be the good news for the people in Philippines.This will enable the new people to inverse in bitcoin. It increase the demand of bitcoin in the market.If all the country ,start to regulate the bitcoin or make bitcoin as a legal tender.It will impact the price of bitcoin to the moon.

I believe on that too, regulations is what we need and we all know a lot of people are waiting for this kind of news from their own government. Making cryptocurrency as a legal tender needs more time but I'm sure we are heading to that.

You're very negative... "why we say we don't like government interference", what do you mean by "we"? Maybe YOU and not us. If the government did not interfere in these 3 exchanges, do you think they can operate? Who will issue their licenses, the NPA? There are still 70 companies that have already applied to operate in the Cagayan Economic Zone, is it not the government that will approve their application? If there's no government interference, where and how did they apply?

They really need to go under the legal procedure so they can operate legally in the Philippines, let's all be positive about this and hope that this will run smoothly.

[danyakotletkin2018]

The main thing is that they use it correctly, and not just to launder money.

[orions.belt19]

It will be the good news for the people in Philippines.This will enable the new people to inverse in bitcoin. It increase the demand of bitcoin in the market.If all the country ,start to regulate the bitcoin or make bitcoin as a legal tender.It will impact the price of bitcoin to the moon.

I believe on that too, regulations is what we need and we all know a lot of people are waiting for this kind of news from their own government. Making cryptocurrency as a legal tender needs more time but I'm sure we are heading to that.

You're very negative... "why we say we don't like government interference", what do you mean by "we"? Maybe YOU and not us. If the government did not interfere in these 3 exchanges, do you think they can operate? Who will issue their licenses, the NPA? There are still 70 companies that have already applied to operate in the Cagayan Economic Zone, is it not the government that will approve their application? If there's no government interference, where and how did they apply?

They really need to go under the legal procedure so they can operate legally in the Philippines, let's all be positive about this and hope that this will run smoothly.

I don't see why there's negative feedback from the government interference. The actions of the Philippine government are actually favorable to crypto users. This is better than the country declaring a ban. These licenses issued by CEZA actually legitimizes the business of these exchanges. This may even encourage and attract more investors since there are exchanges which have licenses. This will reduce the shady nature of crypto. Surely, this will pave the way towards better adoption of cryptocurrency in the country.

[Tigorss]

I just hope that they will make a good regulations about this, and no politics involved about this thing.

And that is one of the main reasons why we say we don't like government interference. Immediately it happens, politics set in and it looks real bad. But one other fact is that we cannot stop the governments regulations and interference, they've already made it their motive to involve themselves.
Anyways kudos to Philippines for such an awesome initiative, hopes it goes on well for everyone

they make rules to regulate cryptocurrency transactions to protect investors and reduce the risk of cheating. The regulation will include the issuance and registration of cryptocurrency, so that crypto activity can be well controlled to reduce criminal acts involving bticoin deficiency.

[AnonBitCoiner]

I just hope that they will make a good regulations about this, and no politics involved about this thing.

And that is one of the main reasons why we say we don't like government interference. Immediately it happens, politics set in and it looks real bad. But one other fact is that we cannot stop the governments regulations and interference, they've already made it their motive to involve themselves.
Anyways kudos to Philippines for such an awesome initiative, hopes it goes on well for everyone

they make rules to regulate cryptocurrency transactions to protect investors and reduce the risk of cheating. The regulation will include the issuance and registration of cryptocurrency, so that crypto activity can be well controlled to reduce criminal acts involving bticoin deficiency.

Yes.It will reduce the criminal activities by regulating cryptocurrency.After regulations of cryptocurrency, government will come to know the transaction of cryptocurrency.If the criminal buy bitcoin in regulated cryptocurrency,they can be easily captured.In cryptocurrency,you will get loss .Only if you buy a potential less shit coin.

[stomachgrowls]

It will be the good news for the people in Philippines.This will enable the new people to inverse in bitcoin. It increase the demand of bitcoin in the market.If all the country ,start to regulate the bitcoin or make bitcoin as a legal tender.It will impact the price of bitcoin to the moon.

I believe on that too, regulations is what we need and we all know a lot of people are waiting for this kind of news from their own government. Making cryptocurrency as a legal tender needs more time but I'm sure we are heading to that.

You're very negative... "why we say we don't like government interference", what do you mean by "we"? Maybe YOU and not us. If the government did not interfere in these 3 exchanges, do you think they can operate? Who will issue their licenses, the NPA? There are still 70 companies that have already applied to operate in the Cagayan Economic Zone, is it not the government that will approve their application? If there's no government interference, where and how did they apply?

They really need to go under the legal procedure so they can operate legally in the Philippines, let's all be positive about this and hope that this will run smoothly.

I don't see why there's negative feedback from the government interference. The actions of the Philippine government are actually favorable to crypto users. This is better than the country declaring a ban. These licenses issued by CEZA actually legitimizes the business of these exchanges. This may even encourage and attract more investors since there are exchanges which have licenses. This will reduce the shady nature of crypto. Surely, this will pave the way towards better adoption of cryptocurrency in the country.

Its much better to be regulated than to be fully restricted or prohibited which its really an advantage for bitcoin or crypto users into this country. The thing is that the way they do handle out exchange business is becoming more stricter asking KYC which you wont really have any choice but to comply for you to use up their service.Users do increases over the years pass by due to the fact that crypto can really help up on their financial either as a main income or just a sideline.

[BitHodler]

Yes.It will reduce the criminal activities by regulating cryptocurrency.After regulations of cryptocurrency, government will come to know the transaction of cryptocurrency.If the criminal buy bitcoin in regulated cryptocurrency,they can be easily captured.In cryptocurrency,you will get loss .Only if you buy a potential less shit coin.

Regulations will certainly affect criminal activity initially, but the only thing it's really doing is making sure criminals become more creative and less obvious. Criminals are always one or two steps ahead of authorities.

Noob criminals will get punished for their stupidity, where the smarter ones become more advanced with everything they do. Why do you think some cloud mining schemes manage to run for years?

The most obvious schemes have proven to fail much sooner than those who put effort in making themselves look as legit as possible. Promising massive returns is unsustainable and draws too much negative attention.

[Oasisman]

I just hope that they will make a good regulations about this, and no politics involved about this thing.

Speaking about the involvement of politics in regulating Bitcoin and other cryptocurrencies. I think it would be impossible for the politicians in the country not to lay a hand on cryptocurrency regulations when there is a huge money inside the crypto space. Philippine politicians are known to be corrupt which is why they sit on the top 5 around the world. Pretty sure, they would put ridiculous amount of tax in any Bitcoin transactions, or even build their own exchange.

[KrishaBitcoin]

Philippines is now becoming a cryptofriendly, and this can help to boost their economy.
Despite of scams (Bitcoin Scam: https://bitpinas.com/news/php-900-million-bitcoin-scam-rocked-the-philippines/) happening around the Philippines they are still open for the possibility of adopting this technology, and the good news is Philippines is now granting a Licenses for the 3 crypto exchanges.

Here's the link: https://cointelegraph.com/news/philippine-special-economic-zone-grants-licenses-to-three-crypto-exchanges

I just hope that they will make a good regulations about this, and no politics involved about this thing.

I don't know if this is a good news or bad news in this country because currently the Philippine citizens are enjoying earning Bitcoin without tax that once regulation will be successfully created then everyone will possibly required to pay Bitcoin tax on every local exchange transaction. We just hope that the policy that will be created will be the same in Japan and Germany in which anyone that are engage in Bitcoin is free of tax.

[entrepmind23]

Speaking about the involvement of politics in regulating Bitcoin and other cryptocurrencies. I think it would be impossible for the politicians in the country not to lay a hand on cryptocurrency regulations when there is a huge money inside the crypto space. Philippine politicians are known to be corrupt which is why they sit on the top 5 around the world. Pretty sure, they would put ridiculous amount of tax in any Bitcoin transactions, or even build their own exchange.

I think the people who are corrupt, wherever and what position they have, will do anything they can to have an opportunity to earn especially in cryptocurrency transactions that is slowly growing. I hope that the people who are honest may it be their co-politician or not would at least do something to reveal the plans of those people who intends to do something illegal.

If the politicians from the country are known to be corrupt then there is a likelihood that they would take advantage of their position to get hold of some funds. They may charge ridiculous sum of money just to let those exchanges operate.

[Kemarit]

Philippines is now becoming a cryptofriendly, and this can help to boost their economy.
Despite of scams (Bitcoin Scam: https://bitpinas.com/news/php-900-million-bitcoin-scam-rocked-the-philippines/) happening around the Philippines they are still open for the possibility of adopting this technology, and the good news is Philippines is now granting a Licenses for the 3 crypto exchanges.

Here's the link: https://cointelegraph.com/news/philippine-special-economic-zone-grants-licenses-to-three-crypto-exchanges

I just hope that they will make a good regulations about this, and no politics involved about this thing.

I don't know if this is a good news or bad news in this country because currently the Philippine citizens are enjoying earning Bitcoin without tax that once regulation will be successfully created then everyone will possibly required to pay Bitcoin tax on every local exchange transaction. We just hope that the policy that will be created will be the same in Japan and Germany in which anyone that are engage in Bitcoin is free of tax.

But if Filipinos wanted to enjoy earning Bitcoin, would it be nice if they just pay the taxes then? I guess its now part and parcel of getting bitcoins, paying taxes for the government. The only drawback I see is where those taxes go? I'm pretty sure that almost all of us know how the Philippines is considered as one of the corrupt nation globally. Even the previous governments have entered a lot of anomalies and contracts and later revealed that a lot of officials in involved and raking up billions of dollars. So we don't know if the tax that we are going to pay would end up on some politicians pocket or will truly be channeled to governments project to improved the lives of a lot of poverty stricken Filipinos. So yes, hoping that the government doesn't interfere about how crypto regulations tax would go.