Philippine Cryptocurrency Exchange Rules To Be Released This Month

On Monday, September 3, an announcement was made by the Philippine market regulator, the Securities and Exchange Commission (SEC) regarding the new draft regulation on digital currency exchange operations which will be out this month. This is with regards to the government’s desire to keep the number of companies willing to offer virtual currency trading platforms in the country at a certain limit.
According to SEC Commissioner Ephyro Luis B. Amatong, they are hoping to come up with final rules before the end of the year. “We will put out a draft rule for the virtual currency exchanges hopefully within the first half of September,” he said. “Virtual currency exchanges (VCEs) have licenses similar to that of money changers. They can exchange from cryptocurrency to fiat currency. But many of the VCEs, all of the VCEs are applying to allow them to act as trading platforms. When the trading platforms come in, this is a concern of SEC that we will discuss with BSP (Bangko Sentral ng Pilipinas)”. The SEC commissioner has also stated that his agency is in cooperation with BSP in establishing a joint cooperative oversight over the cryptocurrency exchanges.
Digital currencies, as defined by the BSP, are “types of digital currency created by a community of online users, stored in electronic wallets, and generally transacted online.” Basically, the bank said that the government and the central bank do not guarantee cryptocurrencies.
As per handbills from the BSP, it is mandated that VCEs have ‘security measures and safeguards to address risks associated with digital currency exchanges’ such as basic regulators on anti-money laundering and terrorist financing, consumer protection, and technology risk management.
Amatong has also mentioned that the anticipated regulations on digital currency exchanges strive for supporting investor protection while allowing small and medium enterprises (SMEs) another way to raise capital.
He further explains that the Philippine government’s objective is to establish a business atmosphere that provides investors’ confidence where they can invest in securities that have a digital form. “Instead of paper or securities that are housed within PDTC (Philippine Depository & Trust Corp.), the depository they’re being proposed to be accommodated on a blockchain.”

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