The Philippines continues working on regulations for cryptocurrencies
The Securities and Exchange Commission and the Central Bank are working on the regulations that will govern the electronic currency exchange houses
The Philippines Securities and Exchange Commission will shortly present a draft which will set out the operating rules for cryptocurrency exchanges in the nation.
On the other hand, the Central Bank is also working on a regulatory framework that will also be used by electronic goods exchange companies.
The Securities Commission is considering to enable the operation of exchanges in the same way as trading platforms operate. It is expected that by the middle of September this draft will be published, as specified by the commissioner Ephyro Luis Amatong.
Although the Central Bank of the Philippines maintains its own definitions of what is a cryptocurrency and an exchange where it can be traded, it is still necessary to establish the operating processes for its proper performance in the nation.
On the other hand, the financial institutions of the Philippines intend to approach this issue with a lot of flexibility in order to help in the growth of the enterprises and that they contribute to the industry of the country.
K. Tovar
Source: Manila Times
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