The Philippine central bank, Bangko Sentral ng Pilipinas (BSP) and the country’s regulators are planning to create regulatory standards for digital assets like bitcoin. This week the BSP Deputy Governor, Chuchi Fonacier, said the bank is working with the Securities and Exchange Commission in order to create regulatory guidelines for Philippine businesses and exchanges who deal with cryptocurrencies.
Due to Recent Developments the Philippines Central Bank is Considering Regulatory Standards for Bitcoin
The central bank based in the Philippines is looking to regulate bitcoin according to recent reports from the GMA Network. Chuchi Fonacier, the bank’s Deputy Governor, says the institution has already been working with the SEC concerning ICO’s and digital exchange licensure, but now they are also considering the regulation of bitcoin.
“Currently, we are focusing on the exchanges, but who knows — With recent developments, we might consider regulating bitcoin,” explains Fonacier in an interview.
This is in coordination with the SEC, if ever there would be a shift to that – if there is this kind of approach, there is investment already. It would not just be BSP, it’s also a collaboration with the SEC.
Only Virtual Currencies Converting to Fiat Will Require Oversight
The bank has started to notice the millions of dollars worth of bitcoin traded and converted to national currencies in the Philippines. So far the BSP has been reviewing bitcoin and cryptocurrency exchange applications for licensure in the country. So far 12 businesses applied for the regulatory approval, and just recently five more companies were added to the list of applicants. Two trading platforms have been approved by the BSP: Coins.ph, and Rebittance.
This past November BSP Governor, Nestor Espenilla, talked about Initial Coin Offering (ICO) regulation and legalizing bitcoin as a security. “The [BSP] has an open-minded approach to fintech (financial technology). This means that we take a very active role in ensuring that our policies provide opportunities for innovation,” explained Espenilla at the time.
The latest drafted regulatory guidelines suggest the bank will only regulate businesses that convert virtual currencies to USD or alternative government-issued currencies.
What do you think about the BSP planning to create regulatory standards for bitcoin? Let us know what you think in the comments below.
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Author: Jamie Redman