The Securities and Exchange Commission of the Philippines issued an advisory on Wednesday to inform the public that Skyline Crypto and Dry Goods Trading is not authorized to solicit investments from the public. The company has been offering investment opportunities online, promising returns of 35% in 15 days and rewards like smartphones and vehicles. Skyline […]
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Philippine Central Bank Approves Peso-Pegged Stablecoin for Faster Remittances
The Bangko Sentral ng Pilipinas, the central bank of the Philippines, has approved PHPC, a stablecoin pegged to the Philippine peso, aimed at facilitating cost-effective remittances. Crypto exchange Coins.ph, the stablecoin issuer, plans to attract 20,000 to 30,000 users in the first month. The PHPC will be the first peso-backed stablecoin available for retail use, […]
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Philippine Stock Exchange Plans To Become A Cryptocurrency Trading Platform
According to a recent report, the stock exchange in the Philippines is targeting to be the forerunner of cryptocurrency trading in the country.
Once the SEC and financial regulators give their go-ahead guidelines, the stock exchange plans to kick-start the plan. It seems that the Philippine Stock Exchange has been waiting for this approval and preparing for it.
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According to what CEO Ramon Monzon and PSE President disclosed to our source, the stock exchange management met two weeks ago about this idea. The discussion leaned towards establishing a cryptocurrency exchange in the Philippines.
The two heads of the stock exchange maintained adequate investor-protection safeguards and trading infrastructure to ensure a seamless experience for traders. According to them, these two factors are very critical to cryptocurrency trading.
Rising Interest In Philippines Necessitates Local Cryptocurrency Exchange
CEO Monzon told our source that the Philippians are becoming more interested in cryptocurrencies. As such, it’s no longer ideal to ignore the need for a local crypto exchange to cater to the need of crypto investors.
That’s why they’re only waiting for the SEC’s guidelines on how to operate such an exchange in the country.
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Monzon also disclosed that the Philippian SEC had started its inquiries into the necessity of approving a crypto exchange in the country.
According to the CEO, SEC has been gathering comments from investors, the public, and even banks since 2019. The agency has been trying to find out their inputs about establishing a cryptocurrency exchange in the country.
The cryptocurrency market is up by 1% after dropping significantly a few days ago | Source:TradingView.com
The Philippines has always been supportive of digital assets. Based on the Philippine Central Bank activities, it is obvious that the country is a crypto-friendly territory.
The Central Bank had already approved many crypto exchanges in the country by issuing them the license to operate.
Also, the citizens haven’t lagged in the cryptocurrency frenzy taking over the financial market. More and more people are demanding digital payments, and up to 10% of the total GDP comes from remittances. This is not surprising as the country has at least 10 million people working overseas.
Also, many people are interested in exploring cryptocurrency investment to alleviate poverty in the country.
The economy is struggling to stay afloat, and many citizens see cryptocurrencies as a way out. Many people now play the “Axie Infinity” mobile games that pay winners in cryptocurrency to make extra income.
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As for crypto trading and its underlying risks, the Stock Exchange CEO believes it’s better to conduct it on a guarded platform.
According to him, cryptocurrencies are volatile, and that’s part of their appeal. However, the Philippine Stock Exchange should take charge of monitoring cryptocurrency trading and transactions.
Featured image from Pixabay, Charts from TradingView.com
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n The release of the Philippine initial coin offering regulation, meant for release in 2018, has been postponed by the local Securities and Exchange Commissionn
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Philippine Lawmakers Plan to Publish Crypto Exchange Regulations Next Week
The Philippine Securities and Exchange Commission (SEC) has said that more cryptocurrency exchanges could be given the green light to operate in the country as early as the end of next week.
The development follows news that the nation is also in the process of developing its policy on initial coin offering (ICO) fundraising.
Both ICO and Virtual Currency Exchange Regulation Under Philippine SEC Scrutiny
The Philippine’s SEC is in the process of drafting rules regarding cryptocurrency trading platforms.
According to a report in domestic news source The Manila Times, the SEC Commissioner stated that the new regulations would be available by the end of next week. Ephyro Luis Amatong said that it was vital that trading platforms were regulated owing to the SEC’s role as public protector.
The Commissioner went on to say that the rules governing exchanges elsewhere could be used as templates for the Philippine regulations. Amatong cited Australia and Switzerland as examples.
He added that the financial regulators were joining forces with Bangko Sentral ng Pilipinas (BSP) – the nation’s central bank – to regulate the exchange platforms:
“We already discussed the matter with the BSP since the BSP is also interested and we are also interested. The discussion … [involves] joint cooperative oversight over virtual currency exchanges engaged in trading.”
Previously, those wishing to offer trading services to the people of the Philippines have been approaching the BSP with their applications. So far, only Rebittance, Inc. and Betur, Inc. have received BSP licenses.
The Philippine’s government also stands to gain from the forthcoming regulatory changes.
A report from Money Control claims that they are expecting to earn around million from the issuance of virtual currency exchange licenses. A senior deputy administrator at the regulatory body told the publication that the government of the Philippines Cagayan Special Economic Zone will be charging 0,000 for a principal license and ,000 for a regular one.
In other Philippine news, the SEC released proposed rules about ICOs last month. These will include obligations to register as a corporation, have a branch in the Philippines, and to gain approval from the SEC about the nature of the business as well as the purpose of the tokens being offered.
The final version of the ICO guidelines is expected to be released at some point next week. The SEC is currently mulling over public comments on the proposed regulations. Meanwhile, the rules concerning virtual currency exchanges are expected on an undisclosed day later next week.
Featured image from Shutterstock.
The post Philippine Lawmakers Plan to Publish Crypto Exchange Regulations Next Week appeared first on NewsBTC.
Philippine Central Bank may Decide to Regulate Bitcoin After all
Bitcoin regulation has never been a popular topic whatsoever. Many people still see regulation as a negative development for the cryptocurrency ecosystem as a whole. At the same time, it also provides some legal recognition, which shouldn’t be dismissed too easily either. The Philippine central bank is looking to introduce some official regulation for Bitcoin. It will be interesting to see what they can come up with in this regard.
Banko Sentral ng Pilipinas has kept close tabs on Bitcoin’s progress. More specifically, their plan has always been to introduce some form of regulation at some point. Until now, those efforts were never fully realized. That will come to change thanks to the help of local regulators. New standards will be created for digital assets and cryptocurrencies alike. It is a big step forward, although it remains to be seen if any negative repercussions will come of it.
Philippine Central Bank is Open-Minded
More specifically, the Deputy Governor of the central bank has been working with the SEC regarding ICO regulation. Moreover, there have been active talks with the US entity regarding licenses for service providers. Regulating Bitcoin seems to be the next logical step in this regard. For now, the focus is mainly on exchanges, which is only to be expected. It is also the only aspect of cryptocurrency anyone can regulate right now.
Moreover, it seems there won’t be any negative repercussions for crypto-to-crypto exchanging anytime soon. Instead, the Philippine central bank aims to regulate virtual currencies being converted to fiat currency. That makes a lot of sense, as anything else is well outside of anyone’s jurisdiction. A few million dollars worth of Bitcoin is traded in the Philippines every single day. Without any official guidelines, it could become problematic in the country. Around a dozen exchanges are applying for approval, which is a good sign.
How all of this will play out, remains to be seen. The overall sentiment is how the Philippine central bank will legalize Bitcoin in some way. Whether or not that plan is still on the table, remains anyone’s guess right now. The open-minded approach toward both cryptocurrencies and ICOs is well worth taking note of, though. The Philippine central bank is bound to set a precedent in one way or another. For now, there is no official guideline as to when we can expect any further news regarding this topic.
The post Philippine Central Bank may Decide to Regulate Bitcoin After all appeared first on NEWSBTC.
Philippine Central Bank Reviewing 12 Bitcoin Exchange Applications
&8230nThe post Philippine Central Bank Reviewing 12 Bitcoin Exchange Applications appeared first on CryptoCoinsNews.n
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Philippine Regulators Eye New Rules for Bitcoin Exchanges and ICOs
Philippine regulators are eyeing new rules for cryptocurrency exchanges and initial coin offerings (ICOs), according to officials.
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