According to The Manila Times, the proposed legal structure could allow cryptocurrency exchanges operate as trading platforms. EphyroLuis Amatong, Commissioner of Philippine Securities and Exchange Commission, previously stated that a regulatory body was needed to regulate crypto trading platforms as traditional trading platforms.
These rules will determine the future of cryptocurrency in the country. These new rules could help the Philippines become a key player in the growing crypto market by reviving its past efforts to adopt cryptocurrency in the Philippines.
The Philippines is one of the most open countries for cryptocurrency. This proposal draft follows the Philippine’s SEC in creating an organized regulatory framework to allow Initial Coin Offerings (ICO) to take place. It was clear to the regulators that ICOs are needed to safeguard citizens and develop the economy.
Luis Amatong noted that the Securities and Exchange Commissions and central bank of Philippines, Bangko Sentra ng Pilipinas, are working together to correct the legal framework. Amatong explains their relationship:
“We have already talked about the matter with BSP. The BSP is also INTERESTED in the matter […]. The discussion […] [involves] joint cooperation oversight over [cryptocurrency-exchanges] involved in trading.
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