Philippine central bank recently announced that they are considering a regulatory framework for Bitcoin and other cryptocurrencies.
Filipino financial regulators and the country’s central bank, Bangko Sentral Philipinas (BSP), recently announced that they are considering a regulatory framework for Bitcoin and other cryptocurrencies. announced that they plan to establish a regulatory framework for assets. Earlier this week, BSP Deputy Chuchi Fonacier confirmed that the central bank will partner with the Philippine Securities and Exchange Commission (SEC) to develop regulatory policies for businesses and individuals wishing to participate in the market.
media outlet GMA reported. According to the report, the country has finally decided to take a proactive approach in developing regulatory policies for the crypto industry. BSP Deputy Secretary General Chuchi Fonacier stated that the bank will ask the SEC to work with the SEC to formulate regulations pertaining to various areas of the cryptocurrency industry, including initial cryptocurrency offerings (ICOs), digital exchange licenses and cryptocurrencies regulations..
During an interview, Fonacier said that the rapid development of the industry as they focus on cryptocurrency exchanges may require the regulation of cryptocurrencies themselves.
This view is in line with the SEC, the partnership of BSP. Fonacier also confirmed that Filipino businesses and individuals are already investing in cryptocurrencies such as Bitcoin, which the two financial institutions protect. he called. Currently, the central bank is mostly concerned with reviewing transfers of Bitcoin and ensuring that all active exchanges in the country are licensed and licensed in accordance with the licenses. However, to date, 12 Filipino firms have applied for regulatory approval, but only five companies have been added to the list of positive applicants. BSP also operates the nationwide Rebittance and Coins.ph.
Last month, BSP Administrator Nestor Espenilla discussed issues with ICO regulation, as well as the possibility of creating a legal framework in which Bitcoin would be accepted as a real currency. Espenilla noted that the central bank is open to the latest innovations the fintech industry has to offer.. BSP added that it plans to take a proactive approach to ensure the Philippines is conducive to innovation.
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