Philippines to regulate cryptocurrency and ICOs

The Securities and Exchange Commission of Philippines (SEC) is considering new rules for cryptocurrency exchanges and initial coin offerings (ICOs)
22 November 2017   514

SEC commissioner Emilio Aquino said that his agency could categorize ICO offerings as "possible securities" that would come under the Securities Regulation Code.

The commissioner also stated that the SEC is currently in negotiations with the Bangko Sentral ng Pilipinas (BSP), the country's central bank, concerning the licensing of cryptocurrency exchanges.

There are at least five or six companies which have already been registered and endorsed by the BSP but these are limited [only] to money services businesses to address remittances being done by OFWs (overseas Filipino workers) to bring down the cost.

 

Emilio Aquino

Commissioner of the Securities and Exchange Commission

Nestor Espenilla, Jr., central bank governor, pointed out that BSP has an "open mind" towards fintech developments and bank take a very active role in ensuring that policies provide opportunities for innovation.

Earlier this year, the central bank released new guidelines for bitcoin exchanges operating in the country, suggesting that exchanges need to register with BSP and the country's Anti-Money Laundering Council Secretariat, and will be subject to "registration and annual fee services".

Similar regulations are in Thailand, Malaysia and Hong Kong. The approach is different from the hostile ban in countries such as Morocco, but still leaves room for ensuring ICOs offer better quality.

Iranian Central Bank Doesn’t Recognize Bitcoin as Official Currency

The Central Bank of Iran announced that it has never recognized Bitcoin as an official currency and conducts no transactions in it or other cryptocurrencies  
22 February 2018   37

Last year, the Iranian government was interested in utilizing cryptocurrencies as a way of bypassing economic sanctions levied against the country. Today it completely changed its mind. The Central Bank of Iran announced that it will never recognize Crypto as official currency.

The bank informed citizens about risks of making investments because there is a chance to lose financial assets. Currently, the bank is cooperating with other institutions to develop mechanisms to control and prevent the use of cryptocurrencies in the country.

The wild fluctuations of the digital currencies along with competitive business activities underway via network marketing and pyramid scheme have made the market of these currencies highly unreliable and risky.

The Central Bank of Iran

However, there is some positive news. Today, Iran’s Information and Communications Technology (ICT) Minister Mohammad-Javad Azari Jahromi informed about the development of a local cryptocurrency by Post Bank. Unfortunately, the stage of research is not stated.