The central Bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), and the regulatory authorities of the countries plan to establish regulatory standards for crypto-currencies such as Bitcoin. This week, the vice-governor of the BSP, Chuchi Fonacier, said that the bank was working with the Securities and Exchange Commission (SEC) of the Philippines in order to create regulatory guidelines for companies and the stock exchanges that handle crypto-currencies.
Regulations that will not delay to arrive
The BSP seeks to regulate the Bitcoin, and seeks the help of the SEC, in particular concerning the licensing of operation of the ICO, the negotiations digital. “Currently, we focus on the trade, but who knows ? With the recent developments, we might consider to regulate Bitcoin, ” says Fonacier. In effect, the BSP has started to notice that there were millions of dollars of Bitcoin exchanged and converted into the national currency of the Philippines. So far, the BSP has reviewed the applications for license exchange of Bitcoin, and 12 companies have asked for regulatory approval. Five other newly to be added to the list of applicants. At the present time, two trading platforms have been approved by the BSP, namely the Corners.ph and Rebittance.
The BSP is open to companies in Fintech
Last November, the governor of the BSP Nestor Espenilla, spoke of the regulation of the ICO and the legalization of Bitcoin as a title. “The BSP adopts an open approach for new technologies financial. This means that we have a very active role in ensuring that our policies provide opportunities for innovation, ” explained Espenilla at the time. According to the latest rumors, the BSP does not regulate the companies that convert virtual currencies in u.s. dollars or in the currency alternatives issued by the government.
Source : News.bitcoin.com