The main regulator in the Philippines said that the crypto-currencies, like Bitcoin, can be considered as securities. A market in which they can apply the code of securities regulation.
The movement towards the legalization of Bitcoin comes after much analysis of the sector and consultations with the central bank of the country.
Here is a video showing a detailed explanation :
Is the country ready for the revolution in crypto-currency ?
By analyzing the japanese market, the Philippines seem to be prepared to welcome the revolution of digital currency. The agricultural company Calata Corp has recently been removed from the stock for irregularities, and has since followed the trend, doing an ICO, in the hope of market Cotoins. The ICO benefit from a considerable growth approaching $ 4 billion this year. It seems that the regulators in the philippines are aware of the potential of this technology.
The president of the PhSEC, Emilio Aquino, said that the participation of investors in an ICO can be considered as a title. This institution monitors the crypto-currencies for a while. Thus, they have found on social networks that there are ICO, of which the currencies of the most popular are of course the Bitcoin and Ethereum. However, there are new crypto-currencies that can be considered to be securities, he added.
The PhSEC in the course of discussion with the central bank of the country
The president of the PhSEC explained that discussions with the central bank of the philippines are underway. The governor of the BSP Nestor Espenilla, suggested that they have an open approach to technology fintech. This means that they occupy a very active role in ensuring that their policy provides opportunities for innovation,-he said.
Currently, there are two companies of trade of crypto-currencies registered with the BSP. Several others are in the course of the evaluation, stressed the governor of the central bank.
Source : NewsBitcoin