Philippines-Oriented To Bitcoin, Plans ICO Regulation
Philippines-Oriented To Bitcoin, Plans ICO Regulation

Following the introduction of the Bitcoin exchange regulations earlier this year, the authorities in the Philippines look at the first Coin Agreements (ICOs).

Governor Bangko Sentral Philippines (BSP), Nestor Espenilla, revealed the intention of the central bank to introduce rules for the initial Münzangebote or ICOS. buying from companies and start-up capital offering digital tokens in exchange for a crypto currency such as Bitcoin and Ethereum, a radically new form of fundraising, ICOS has become a more popular means of financing.

According to Bloomberg, the governor of the central bank pointed directly to the “great potential for room growth” outside, which is recognized by domestic companies that “want to support ICOS as a trading platform to act as a central counterparty for trading the appropriate token.”

The Central Bank is in talks with the Securities and Exchange Commission (SEC) in the Philippines to plan ICO surveillance strategies, Espenilla said. SEC Commissioner Ephyro Amatong confirmed that the agency “is concerned about possible unlicensed investment activities or otherwise have any investment contracts in the guidelines for the so-called crypto-currency through the so-called Münzangebot.”

SEC representative, Emilio Aquino, said last month on the agency’s intention to consider bids for digital currencies as securities, thus giving evidence from regulators in the United States, Malaysia, Hong Kong and Thailand among other things.

The ICO Regulation should follow, in general, an example of the regulations applied by the central stock exchange exchange at the beginning of the year. Regulations, the real recognition of digital currency transactions as a company transfer, are emphasized by Espenilla as the “open access” of the Central Bank for Financial Technologies such as Bitcoin.

The step of introducing Bitcoin exchange guidelines, praised BSP’s deputy director Melchor Plabasan as “revolutionary control.”

In complete contradiction with the opinions of most of his global counterparts, a central bank official also commented on Bitcoin in a television interview in October this year:

It’s like any other monetary instrument [and even] an investment vehicle. There are risks, but in fact it can be managed. If you want something quick, in real time and practically, there’s the advantage of using virtual currencies like Bitcoin.

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