BREAKING: (IJCH) Philippine SEC not messing with Crypto ETFs; instead, pushes forward towards regulating (legitimizing) Cryptocurrency Exchanges as Bona Fide Trading Platforms!

in cryptocurrency •  3 months ago

BREAKING: (IJCH) Philippine SEC not messing with Crypto ETFs; instead, pushes forward towards regulating (legitimizing) Cryptocurrency Exchanges as Bona Fide Trading Platforms!

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IJCH - Inside JaiChai's Head (Meaning: My Warped, Personal Opinions and Musings)

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From the Author:

Salutations.

I am JaiChai.

And if I haven't had the pleasure of meeting you before, I'm delighted to make your acquaintance now.

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I invite you to interact with everyone, learn, and have as much fun as possible!

For my returning online friends, "It's always great to see you again!"

The Philippines - First and Friendly

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As evidenced by my past articles, from the dawn of the crypto space, the Philippines has always been cryptocurrency friendly.

See:

"Experiencing a place where "Bitcoin Convenience" is Not a Fantasy."

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Article Link:

https://steemit.com/cryptocurrency/@jaichai/experiencing-a-place-where-bitcoin-convenience-is-not-a-fantasy

"BREAKING: (IJCH) CX Exchange - The Philippines First Cryptocurrency Exchange!"

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Article Link:

https://steemit.com/cryptocurrency/@jaichai/breaking-ijch-cx-exchange-the-philippines-first-cryptocurrency-exchange

Philippine Banks and Cryptocurrency

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Because of the BSP (Bangko Sentral Ng Pilipinas) - the Philippine Central Bank, all major Philippine banks support fiat to crypto transactions.

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“If you want something that is fast, near real-time and convenient then there’s the benefit of using virtual currencies like bitcoin.”

  • Philippine Central Bank Official (Press Release - February, 2016).

From personal experience, I can honestly say this:

"For a long time (years), compared to other countries - especially those countries with strict, protectionist monetary policies, it has ALWAYS been more convenient buying, selling and trading cryptocurrency in the Philippines."

In addition to brick and mortar banks, there are also crypto friendly online banks for Filipinos and Ex-Pats.

See:

"(IJCH) So Many Places to conveniently Buy Cryptocurrency with coins.ph!"

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Article Link:

https://steemit.com/cryptocurrency/@jaichai/ijch-so-many-places-to-conveniently-buy-cryptocurrency-with-coins-ph

BTW, if you want to gain some insight on why some countries are crypto friendly and why some are not, see:

"(IJCH) Revisiting Government Policy and Bitcoin - The Motives Behind The Rhetoric"

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Article Link:

https://steemit.com/cryptocurrency/@jaichai/ijch-revisiting-government-policy-and-bitcoin-the-motives-behind-the-rhetoric

According to the Philippine SEC:

“We see the need to regulate them as trading platforms.”

  • Philippine SEC commissioner Ephyro Luis B.Amatong

Amidst the flip-flopping sentiment of the off/on crypto ETFs in the United States, the Philippine SEC is content to observe from the sidelines; that is, they are happy to let the U.S. (and other countries) play out the crypto ETF game.

In essence, the Philippines seems to be saying, "Let other countries deal with the Crypto ETF issue. Let them set the financio-legal precedences in their own countries. We'll do something else instead."

The Philippine SEC is not bothering with ETFs; pushing forward towards regulating (legitimizing) Cryptocurrency Exchanges as Bona Fide Trading Platforms!

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The Philippine SEC is currently drafting rules for domestic cryptocurrency exchanges to protect Philippine investors and create an all-inclusive ecosystem for cryptocurrencies.

The goal is to promote innovation and help cryptocurrencies flourish in the country.

“We will put out a draft rule for the virtual currency exchanges, hopefully within the first half of September.”

  • Philippine SEC commissioner Ephyro Luis B.Amatong.

In other words, the cryptocurrency exchanges will operate as bona fide trading platforms.

Additionally, follow on rulings will finalize the Philippine SEC's policies on ICO and crowdfunding.

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These regulations will apply to domestic and foreign entities wishing to launch on Philippine exchanges and platforms.

This signals further legitimization of the whole cryptocurrency space in the Philippines.

With respect to all things crypto, I truly hope more countries follow the Philippine's lead...

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By JaiChai

Mighty Kind of You for stopping by.

Truly hope to see you again!

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About the Author

Believing that school was too boring, he dropped out of High School early; only to earn an AA, BS and MBA in less than 4 years much later in life – while working full-time as a Navy/Marine Corps Medic.

In spite of a fear of heights and deep water, he performed high altitude, free-fall parachute jumps and hazardous diving ops in deep, open ocean water.

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After 24 years of active duty, he retired in Asia.

Since then, he's been a full-time, single papa and actively pursuing his varied passions (Writing, Disruptive Technology, Computer Science and Cryptocurrency - plus more hobbies too boring or bizarre for most folk).

He lives on an island paradise with his teenage daughter, longtime girlfriend and three dogs.

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(More articles by JaiChai can be found on the Busy.org website. Use this link to visit Busy.org. Better yet, come join the Busy.org community!)


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"My mind was a terrible thing to waste..." - JaiChai

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This post was resteemed by @steemvote and received a 99.76% Upvote. Send 0.5 SBD or STEEM to @steemvote

This is really good news cause we need more rules. This wild wild west crypto isn't working how we wanted it. Some big fish are cheating the market. Thanks for the info.

Very great info about cryptocurrency

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You're welcome.

Thanks for commenting.

Namaste, JaiChai

Thanks for the info

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You''re very welcome.

Thank you for visiting my blog.

Namaste, JaiChai

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Hoo-Yah!

Thanks for visiting and commenting.

Namaste, JaiChai

Thanks for the info

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You are welcome. Thank you for visiting.

Namaste, JaiChai

Congratulations @jaichai!
Your post was mentioned in the Steemit Hit Parade in the following category:

  • Upvotes - Ranked 8 with 1343 upvotes

Congratulations! This post has been upvoted from the communal account, @minnowsupport, by JaiChai from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.

If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
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These are types of trends that we need to see continue throughout the world as they will enable increased adoption to the cryptocurrency market. One step is regulation and the next is improved user interfaces with simple and secure technology to ensure that the user experience helps move more of the population to these alternatives.

What's in it for them? I am of the opinion that Government / Corporations or whoever is on power do not turn blind eye for nothing, but I may be wrong.

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Cryptocurrency is here to stay and governments know it.

And whatever stance individual governments take is not based on lofty ideologies or technological phobias.

The position a nation takes on the Bitcoin issue is based solely on the presence (or absence) of sufficient economic resources to technologically compete.

Follow the money and you'll see how any nation will squeeze as much social currency from the Bitcoin controversy; hence, revealing the political posture they've decided to be in their best interests.

See:

https://steemit.com/cryptocurrency/@jaichai/ijch-revisiting-government-policy-and-bitcoin-the-motives-behind-the-rhetoric

Thanks for visiting and commenting.

Namaste, JaiChai

Thank you so much for sharing this @jaichai! I had no idea that the Philippines was so crypto friendly. It's a bit like the US.

let me know how long you laughed with that one haha

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I did a double take on that! Then I choked on my coffee!! Lol...

Namaste, JaiChai