Until recently, the Philippines haven’t recognize Bitcoin and other non-fiat assets as material values, and banks haven’t accepted them for storage and operations. Over the past few years, the situation has changed: the government took decisive actions to upgrade legislation in the field of digital money control and legalization. In 2017, the authorities obligated all cryptocurrency exchangers operating in the country to be authorized and issued the first two official licenses for the cryptocurrencies exchange. The Philippines Regulator, the Securities Commission, has announced its cooperation with the Central Bank in developing final versions of legislative enactments, rules for joint supervision of virtual currency exchanges and trading platforms regulation.
In mid-2018, offshore exchangers, registered officially outside of the state, received temporary licenses for cryptocurrency in the special economic zone of Cagayan. To be legalized and to receive a permission for 1 year, companies from Thailand and Hong Kong had to pass through a trial period, prove that they are ready to invest in the infrastructure building and invest by $ 1 million each. In the autumn of the same year, legal acts concerning ICO were developed in the country.
Today, a license for the cryptocurrency exchange is not issued outside of the special economic zone, but the authorities are concerned about this, so we can expect that in the near future the regulation of the field will become transparent, and the non-fiat funds will be legalized.
According to the promulgated draft rules on ICO and cryptosphere regulation, each exchange is obliged to be registered with the Commission, ensure the safety of customers and investors, and provide information proving that the exchanger undertook measures for protection against money laundering and fraud. The license for cryptocurrency will be issued if the company:
The Regulator of the Philippines does not return entrance fees and dues, so it is necessary to prepare carefully for the procedures passage. Experts of “Prifinance” company will check, draw up documentation, develop regulations, provide organizational and legal support. We will do everything so that the customer would legalize the cryptocurrency business and proceed to work promptly.