Cryptocurrency regulations in the Philippines – Japan Security Token Business Association  
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Cryptocurrency regulations in the Philippines

Contents

  1 Cryptocurrency regulations in the Philippines
2 The government’s attitude towards cryptocurrency
3 Growth prospect of cryptocurrency in the Philippines
4 STO in the Philippines
5 Reference

1 Cryptocurrency regulation in the Philippines

The country exports labor to Singapore and Hong Kong as maids, and international money transfer is used widely.
Some people use cryptocurrency as a means of free wire transfer.
There was a lot of internet search for the term “Bitcoin earn” in 2016, so there could be an interest for Bitcoin. There are numerous cryptocurrency exchanges.

2 Govenment’s attitude towards cryptocurrency

The government’s attitude is positive as it increases inflow to the country. The government officially acknowledges Bitcoin as a transaction method in April 2018.
Using cryptocurrency for corruption, money laundering and terrorism funding is harshly punished. Crowed mining contract is classified as a security (because it’s an investment on mining capability). Cryptocurrency exchanges need to receive government approval.
All companies registered in the Philippines and have business plans on ICO or companies that sell ICO tokens to citizens of the Philippines must submit “Initial Assessment Request” to assess the security of the token.
The central bank of the Philippines is considering issuing digital currency. It has postponed making an announcement on ICO regulation and it’s still under debate.

3 Growth prospect of cryptocurrency in the Philippines

There is a certain demand for cryptocurrency for its low transfer fee (especially cryptocurrencies such as Ripple that specialize in money transfer), but Alipay has already started an international transfer service, and Rizal Commercial Banking Group (RCBG) in the Philippines is also planning a similar service so the competition is intensifying in the international money transfer industry.
The Philippines have a favorable view of cryptocurrency like Singapore, so there is a high possibility that the country attracts blockchain/cryptocurrency companies from all over the world.

4 STO in the Philippines

Depending on how ICO will be regulated, there might be a registration requirement as STO. There is no such move at this point.

5 Reference

Alipay starts an internaional money ttransfer service

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