[Digital asset act of 2019] umuusad na sa Senado

[maxreish]

Nagsagawa po ng pagdinig ang Committee on Bank nagyon sa pangunguna ni Sen. Grace Poe para pag-usapan ang Senate Resolution no. 129 and Senate bill no.1041 o ang Digital Asset Act of 2019

Ang mga tanggapan na nirekomenda ng ating mga Senador na mangangasiwa sa larangang ito ng Fintech, Digital assets, at Cryptocurrency ay ang mga sumusunod sa ibaba.

• Bangko Sentral ng Pilipinas (BSP)
• Securities and Exchange Commission (SEC)
• Philippine Deposit Insurance Corporation (PDIC)
• Department of Finance
• Cagayan Economic Zone Authority (CEZA)

Magandang subaybayan kung ano ang magiging takbo ng kanilang usapin tungkol sa cryptocurrency or digital assets sa ating bansa. I do hope, there is a positive outcome of this hearing.

Para po sa iba pang mga detalye: https://bitpinas.com/news/philippines-senators-task-force-study-fintech-digital-assets/

[1714692338]

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[1714692338]

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[rosezionjohn]

Task force para pagaralan ang fintech, digital assets at cryptocurrency - Nirekomenda na!

Mas maayos siguro na topic title yan. Iniimagine ko binabasa yan ni Mike Enriquez o kaya ni Noli De Castro 

Pagkatapos mag-apruba ang BSP ng mga VCEs, mag-issue ng lisensya ang CEZA at ang pag-draft ng SEC ng mga guidelines para sa mga palitan, welcome din ang balitang ito. Patuloy na gumagalaw ang gulong ng Cryptocurrency sa Pilipinas!

[Japinat]

This would be nice if Manny Pacquioa is included in the group of senators that will discuss on crypto as we know he is very positive in crypto.
For most, this is not an interesting topic, so let's see if we can get some timely update about the hearing, hoping for positive results like everyone else here.

[maxreish]

Task force para pagaralan ang fintech, digital assets at cryptocurrency - Nirekomenda na!

Mas maayos siguro na topic title yan. Iniimagine ko binabasa yan ni Mike Enriquez o kaya ni Noli De Castro 

Tingin ko mas maganda itong title na ito. Iniimagine ko binabasa ni Sir. Raffy

Habang pinapanood ko kanina ito, nagustuhan ko yung sinabi ni Sen.Tolentino na dapat daw isali ang Dole para daw yung mga kababayan natin na OFW ay maayos na maipaalam sa kanila at ma protektahan narin kung sakaling silay mag iinvest lalo na sa Cryptocurrency.

[mk4]

This would be nice if Manny Pacquioa is included in the group of senators that will discuss on crypto as we know he is very positive in crypto.

"as we know he is very positive in crypto" - Any more information on this? Besides the fact na ung PAC token e tinatake advantage lang(as far as I know) ang publicity at kasikatan ni Manny para mas sumikat project nila?

[rhomelmabini]

The question boggling in my mind is bakit gagawa sila ng act bago pag-aarlan mismo muna ang cryptocurrency or educate the people first sa mga bagay bagay na ito. I believe na wala pa talagang prior knowledge ang karamihan ng mga Pilipino (large percentage ng population) pagdating dito sa cryptocurrencies, the thing is pag ang pinoy nakarinig or malaman na kikita ka diyan even they don't know what are those thing mag invest yan lalo na kung kakilala or alam niya na ang taong yan talagang kumikita diyan.

Whereas, kung ang isang indibidwal ay may ideya sa bagay na yan siyempre mag dalawang isip muna sila like they know how volatile crypto mga ganoong kaalaman. Senator Poe even highlighted that on the article given above “Without proper information and education, a lot of them are actually victimized”, so thoughts ko lang po ito (feel free to correct me) na I guess we should have first knowledge about cryptocurrencies before anything else na mga pinapasang mga acts, bills and laws.

For most, this is not an interesting topic

It is an interesting topic, the future of crypto holds on the hands of those lawmakers as they are the one who'll regulate it dito sa bansa natin.

"as we know he is very positive in crypto" - Any more information on this? Besides the fact na ung PAC token e tinatake advantage lang(as far as I know) ang publicity at kasikatan ni Manny para mas sumikat project nila?

More on hype lang yun AFAIK and besides hindi naman yata talaga siya ang may-ari or CEO of that project.

[bisdak40]

Fasten your seat belt mga kababayan, baka ito na nga ang matagal na nating hinihintay na taxation of cryptocurrencies. It would be interesting to know where and how they will tax crypto-enthusiast like us, so abangan nalang natin ang kaganapan sa Senado pero mukhang busy sila, matalakay kaya ito. Ang ganitong mga bagay ay hindi sikat, hindi sila makikinabang dito (politics wise).

[blockman]

Fasten your seat belt mga kababayan, baka ito na nga ang matagal na nating hinihintay na taxation of cryptocurrencies. It would be interesting to know where and how they will tax crypto-enthusiast like us, so abangan nalang natin ang kaganapan sa Senado pero mukhang busy sila, matalakay kaya ito. Ang ganitong mga bagay ay hindi sikat, hindi sila makikinabang dito (politics wise).

Dyan talaga papunta yang hearing na yan, kasi merong interest na sila at nakikita nila na maraming mga kababayan natin ang kumikita ng malaki pero hindi sakop ng batas ang taxation.
Positive parin sa side nating mga crypto people kasi nga meron na tayong matibay na sandigan at yun yung gobyerno natin.

[mk4]

"as we know he is very positive in crypto" - Any more information on this? Besides the fact na ung PAC token e tinatake advantage lang(as far as I know) ang publicity at kasikatan ni Manny para mas sumikat project nila?

More on hype lang yun AFAIK and besides hindi naman yata talaga siya ang may-ari or CEO of that project.

Pretty much. Pag hindi nakapangalan ung project kay Manny, hindi siguro natin pinag uusapan to ngayon, and yes I don't think may kinalaman si Manny masyado sa project mismo besides publicity(counter arguments are welcome). Alisin mo ung pangalan ni Manny sa PAC project at tignan niyo ung website nung PAC token, pretty much just another unnecessary coin/token.

[Bttzed03]

The question boggling in my mind is bakit gagawa sila ng act bago pag-aarlan mismo muna ang cryptocurrency

Precisely why they recommended a task force para pag-aralan. This is the opening statement in the Bitpinas article "The Senators admitted that due to the complexity of the subject matter, the recommendation is not to rush drafting a law, but to create a task force composed of the following agencies to study the field."

or educate the people first sa mga bagay bagay na ito. I believe na wala pa talagang prior knowledge ang karamihan ng mga Pilipino (large percentage ng population) pagdating dito sa cryptocurrencies,

While it is important to educate the "no coiners", the government cannot wait for people to understand what blockchain or cryptocurrency is. We already know that our country is lagging behind tapos ngayon pa lang bumuo ng grupo para pag-aralan. Besides, hindi din naman pamilyar ang karamihan sa mga batas na naaprubahan na. Their ignorance should not hinder laws to be passed for development.

[dothebeats]

IMO, CEZA can get its hands off dito sa nilulutong panukala ng mga mambabatas tungkol sa digital assets at cryptocurrencies. Totoo na maraming interesadong kumpanya ang gustong pumasok sa Cagayan Special Economic Zone, pero sa aking palagay ay hindi ito sapat na grounds upang sumali sa mga tagapangasiwa ng nasabing panukala ang CEZA. Marami nang anomalya ang nangyayari sa nasabing ahensya ng gobyerno na ito para pagkatiwalaan sa isang bagay na involve ang malakihang pera kung sakali.

Dapat pang pag-aralan ng gobyerno ang digital assets at cryptocurrencies, at dapat ay tignan muna nila ang ibang mga bansa upang pumulot ng ideya bago sila gumawa ng pansariling atin.

[mirakal]

This would be nice if Manny Pacquioa is included in the group of senators that will discuss on crypto as we know he is very positive in crypto.

"as we know he is very positive in crypto" - Any more information on this? Besides the fact na ung PAC token e tinatake advantage lang(as far as I know) ang publicity at kasikatan ni Manny para mas sumikat project nila?

That was his very own token so its normal that he will use his popularity to give a success to the project.
News from our local network in the Philippines .https://news.abs-cbn.com/business/09/02/19/manny-pacquiao-launches-his-own-pac-crypto-tokens

As to crypto discussion, I think Manny is not assign here, and I think he might also be bias so if they will get some expert opinion, it should be from outside the senate and those people who really knows the legality and technicality of crypto.

[Darker45]

An article published the other day: https://www.rappler.com/business/240844-poe-says-lawmakers-not-in-rush-pass-fintech-bill

Inaamin ni Senator Poe na hindi sila nagmamadaling ipasa itong tinatawag na fintech bill dahil sa kakulangan nila ng kaalaman tungkol sa fintech at "digital assets." Alam rin nya na ito ay medyo kumplikado at kailangan pa nilang pag-aralan ng husto ang gagawing batas patungkol dito.

Sa tingin ko tama lang din na hindi madaliin ang pagpasa ng batas na sumasaklaw sa legalidad ng Bitcoin at iba pang cryptocurrencies. Otherwise, basura rin ang labas nito. I hope may malalim at malawak na diskusyon dito ang mga mambabatas sa tulong na rin ng mga eksperto upang makalikha ng well-informed na batas na talaga namang nakakatulong at reflective sa totoong kalagayan ng digital na panahon.

Baka kapag minadali, ang labas ng Bitcoin ay katulad ng kung paano ito tinitingnan ng karamihan ng mga Pinoy, na ito ay isang scam, o hindi totoong pera, o ilegal na paraan upang makalaunder o makasugal, etc.

[qwertyup23]

<snip...>

Actually, my thesis adviser back in college is currently the head attorney of fintech sa pag-aayos ng cryptocurrency dito sa Pilipinas! He actually suggested and pitched this idea as our thesis regarding the acceptance of cryptocurrency in the country. Whenever nakikita mo mga IG stories niya, nasa Senate siya and may mga meetings na nangyayare about sa cryptocurrencies.

Hopefully mas lalo pang umusad pa yung act at maging bill na ito para mapunta na siya sa processo ng pagiging law in the future.

[samcrypto]

This would be nice if Manny Pacquioa is included in the group of senators that will discuss on crypto as we know he is very positive in crypto.

"as we know he is very positive in crypto" - Any more information on this? Besides the fact na ung PAC token e tinatake advantage lang(as far as I know) ang publicity at kasikatan ni Manny para mas sumikat project nila?

That’s a big thing to market their product, pero for sure hinde sila exempted sa mga critics lalo na kung useless naman ang PAC token. Well, magandang way ito sa senado para mas lalong maprotektahan ang mga tao sa investment at para mas lalong maging aware tayo sa cryptocurrency at sana maging fair ang batas na ito.

[Bttzed03]

A follow up on Digital Asst Act 2019:

Proposed Bill to Clarify Digital Assets and Standardize Licensing of Virtual Currency Operations

The other day meron kaming discussion ni @Darker45 sa isa kong topic and upon further reading, na-realize ko na medyo magulo nga ang current set up ng BSP licensing, SEC regulation, tapos meron pa CEZA for offshore exchanges. With the bill filed by Senator Imee, sana maging malinaw na talaga at magkaroon ng standard process.

Senate Bill no. 1041, or the Digital Asset Act of 2019, introduced by Sen. Marcos to the Eighteenth Congress discusses the current digital asset landscape in the Philippines and possible rules that will aim to recognize digital assets by defining what they are, as well as standardizing the licensing process for virtual currency exchanges, e-money, and virtual asset businesses.

In her explanatory note, the newly-elected Senator explained how the current regulatory landscape when it comes, in particular, with cryptocurrencies is highly disorganized. Currently, the Bangko Sentral ng Pilipinas (BSP), through its monetary mandate, regulates transactions related to digital assets. In fact, any exchange that wants to do crypto-to-fiat transactions as a business must register with the regulator as Virtual Currency Exchange Licensee.

The Cagayan Economic Zone Authority (CEZA) also issues licenses under its “Financial Technology Solutions and Offshore Virtual Currency Exchange (OVCE) Business Rules and Regulations”. There are regular OVCE Principal and Regular Licenses, both of which only allows to conduct “offshore” businesses. This means they cannot service Philippine residences because the BSP regulates the local exchanges. The Securities and Exchange Commission (SEC), meanwhile, is the agency responsible for virtual asset offerings and operation of crypto trading platforms. The Commission is still in the process of creating rules for both activities and had so far released draft rules (and has sought the public’s opinion based on these draft rules). Senator Marcos’ explanatory note to the bill noted that “there are questions regarding the legal authority of CEZA to issue licenses.”

[voltesbit777]

Nagsagawa po ng pagdinig ang Committee on Bank nagyon sa pangunguna ni Sen. Grace Poe para pag-usapan ang Senate Resolution no. 129 and Senate bill no.1041 o ang Digital Asset Act of 2019

Ang mga tanggapan na nirekomenda ng ating mga Senador na mangangasiwa sa larangang ito ng Fintech, Digital assets, at Cryptocurrency ay ang mga sumusunod sa ibaba.

• Bangko Sentral ng Pilipinas (BSP)
• Securities and Exchange Commission (SEC)
• Philippine Deposit Insurance Corporation (PDIC)
• Department of Finance
• Cagayan Economic Zone Authority (CEZA)

Magandang subaybayan kung ano ang magiging takbo ng kanilang usapin tungkol sa cryptocurrency or digital assets sa ating bansa. I do hope, there is a positive outcome of this hearing.

Para po sa iba pang mga detalye: https://bitpinas.com/news/philippines-senators-task-force-study-fintech-digital-assets/

Unang-una hindi ako kampante sa pangunguna ni Trapoe, este! Grace poe sa paguusap na yan, dahil puro hearing lang ginagawa nyan at pabango ng pangalan sa publiko. Mas magiging kampante at komportable pa ako kung pangungunahan yan ni Senador Manny Pacquiao, dahil ang pagkakaalam ko my sarili siyang ginawa na altcoins sa crypto nas kung san ay PAC coin na nakalista sa mtgox b yun? pakitama nalang ako kung mali ako salamat.

[cheezcarls]

Sa ngayun, it's only a bill and not a law.

SEC don't need to rush on their proposed rules on digital asset exchanges at ICOs. Ang pagkaalam ko kasi is when they made the draft live and inviting a lot of people to comment, ang dami nagreklamo.

Kung ako sa SEC PH, dapat they should be ICO-friendly such as:

- Estonia
- Switzerland
- Singapore
- Gibraltar
- Russia

Ayaw na ayaw ko yung i-implement rin nila like the US did, in which most ng mga ICOs hindi available sa kanila (pati mag participate airdrop at bounty).

And for the taxation naman, may mga countries na nag implement ng no tax for crypto trading or buy/sell crypto. I suggest that Philippines would be doing the same thing, make it tax-free for crypto holdings, trades, etc.

[Dabs]

Tara, mag ICO na ng sarling coin naten bago yan mangyari, unless retroactive ang batas pag live na. hahahaahah...

[finzyoj]

Ngayon ko lang nakita ito ah, bigla tuloy ako nangamba kasi napapansin na pala ng government natin ang cryptocurrency. September pa pala ito naipost, medyo late na ako sa balita. May updates na ba ukol dito? Kinakabahan ako kasi baka patawan na nila ng buwis ang mga kita natin o kaya naman maglagay na sila ng mga bawal gawin. Inaanticipate ko na maisasabatas ito dahil umuusad na eh pero ang hiling ko lang sana ay magkaroon ng exemption sa papatawan ng buwis. Sana yung mga small hodlers na tulad ko/natin ay hindi na isama. I have a bad feeling about this.