[2019-2-5]CEZA: Philippines Reveal New Cryptocurrency Rules & Regulations

[Vladdirescu87]

The Cagayan Economic Zone Authority (CEZA), Philippines’ “fintech city”, has drafted new rules for the acquisition and trading of digital currencies such as Bitcoin, Ripple, and Ethereum in the Philippines meant to efficiently regulate and shield investors from the risks and danger associated with cryptos, MediaOutReach reports.

Under the novel framework, CEZA, which is the main regulating authority, has officially approved Digital Asset Token Offering (DATO) regulations which involve the acquisition of virtual assets, including utility and security tokens. What is more, the Asia Blockchain and Cryptocurrency Association (ABACA) is chosen as a Self-Regulatory Organization (SRO) to help run and apply the newly drafted rules.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/philippines-cryptocurrency-rules/

[sunsilk]

CEZA really has a firm plan and strategy on how they're going to make crypto and blockchain popular in the country. The regulation they are planning to do is to make 3 tiers which determines how big the project is.

Asia is now becoming an active part of the cryptorevolution and the government keeps on developing for the sake of innovation. Good to see that they are not doing what other countries do just to get rid and stop people from getting involved with blockchain and crypto.

[joniboini]

Looks like Philippines will follow Singapore and other countries. Great news, more regulation clarity for ICO and hopefully it is enough to protect people from getting rekt over and over again. If this fails, maybe the problem is the people itself and not the law/lack of protection. Not sure how many project will do their ICO in 2019 but hopefully only the strong (good) ones that survive.

[Kemarit]

According to the article:

The regulations particularly cover three important levels of crypto offering: Tier 1 which includes assets and investments less than $5 million with payment transacted in cryptos; Tier 2 covers investment between $6-$10 million; and Tier 3 covers big investments over $10 million.   

This is very interesting as I'm not aware of any regulatory body around that break down into tiers based on the amount of investment, this could be the first and I hope that this kind of regulatory will really help projects to choose Philippines as their destination and let's see which ICO will take advantage of this set-up. Will it attract ICO/STO projects?

[Harlot]

According to the article:

The regulations particularly cover three important levels of crypto offering: Tier 1 which includes assets and investments less than $5 million with payment transacted in cryptos; Tier 2 covers investment between $6-$10 million; and Tier 3 covers big investments over $10 million.   

This is very interesting as I'm not aware of any regulatory body around that break down into tiers based on the amount of investment, this could be the first and I hope that this kind of regulatory will really help projects to choose Philippines as their destination and let's see which ICO will take advantage of this set-up. Will it attract ICO/STO projects?

They might be doing the tier system in order to classify them on what kind of benefits or tax exemptions and rates they will receive on their classification. This tier system might also give each tier different requirements for their businesses and based on what how I understand it they did this on the protection of their investment so surely it involves different procedures and rule compliance for each tier.

[Slow death]

Why all men are clothed and this woman is naked? What does this naked woman have to do with this news?

However, other countries such as Canada, Iran, South Africa, U.K, United Arab Emirates, China, ItalyU.S.A, India also started regulating cryptocurrencies and blockchain technology to enable its effective use. For instance, the Financial Intelligence Authority (FIA) of Uganda started reviewing laws on anti-money laundering in order to include digital assets, as uncovered by Coinidol in November 2018.

Since when are China starting to think about regulating cryptocurrencies? I did not hear anything about it. It's been months since china has shown itself to be a country that does not like bitcoin.

[rodel caling]

Good news and this is very interesting for the people of phillipine community, if this new regulations is to protect both parties trader's and to get also benefit the country help the economic growth using own local regulations.

[CryptoBry]

CEZA really has a firm plan and strategy on how they're going to make crypto and blockchain popular in the country. The regulation they are planning to do is to make 3 tiers which determines how big the project is.

Asia is now becoming an active part of the cryptorevolution and the government keeps on developing for the sake of innovation. Good to see that they are not doing what other countries do just to get rid and stop people from getting involved with blockchain and crypto.

The blockchain and cryptocurrency is the decade's best technological leap and countries should be able to recognize the many opportunities (and of course the possible threats) that this can be bringing to many industries most especially the world of monetary, finance and the economy. I believe that governments have nothing to be afraid of because in reality they remains to be in control with this technology as the government has the power to immediately shut down anything in connection with this and of course they can laid down the regulations and policies that every legit player should follow. I am happy that the Philippines is now part of this movement and there is now a clear infrastructure and policy regarding this. Mabuhay!