The Manila Times, the proposed legal framework could enable cryptocurrency exchanges to operate as trading platforms. EphyroLuis Amatong, Commissioner of the Philippine Securities and Exchange Commission, has previously stated the need for the regulatory body to regulate crypto exchanges as traditional trading platforms.
Notably, the future of cryptocurrencies in the country is dependant on these set of rules. Looking into the past efforts adopt cryptocurrencies in the Philippines, these new rules might develop the Philippines as a crucial player in the growing crypto industry.
The Philippines is amongst the most welcoming countries to cryptocurrencies, the proposal draft follows Philippine’s SEC to create an organized regulatory framework for Initial Coin Offerings (ICO). The regulatory officials have understood that to protect its citizens from scams and gainfully develop the economy of the country, there is a need to create an effective legal framework for ICOs.
The Securities and Exchange Commissions and the central bank of the Philippines, the Bangko Sentra ng Pilipinas (BSP) are righting the legal framework together as noted by Luis Amatong. Amatong explains their partnership:
“We already discussed the matter with the BSP, since the BSP is also INTERESTED and we are also interested […] The discussion […] [involves] joint cooperative oversight over [cryptocurrency exchanges] engaged in trading.”