BREAKING: (IJCH) Philippine SEC not messing with Crypto ETFs; instead, pushes forward towards regulating (legitimizing) Cryptocurrency Exchanges as Bona Fide Trading Platforms!
IJCH - Inside JaiChai's Head (Meaning: My Warped, Personal Opinions and Musings)
From the Author:
I am JaiChai.
And if I haven't had the pleasure of meeting you before, I'm delighted to make your acquaintance now.
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
As evidenced by my past articles, from the dawn of the crypto space, the Philippines has always been cryptocurrency friendly.
Philippine Banks and Cryptocurrency
Because of the BSP (Bangko Sentral Ng Pilipinas) - the Philippine Central Bank, all major Philippine banks support fiat to crypto transactions.
“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.
BTW, if you want to gain some insight on why some countries are crypto friendly and why some are not, see:
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!
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.
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...
Mighty Kind of You for stopping by.
Truly hope to see you again!
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.
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.