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   944

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.

BitPay to Receive New York's BitLicense

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers
17 July 2018   101

The well-known cryptocurrency processing service BitPay obtained a license to work with virtual currencies in the state of New York. Known also as BitLicense, this license is issued by the New York Department of Financial Services (NYDFS) and grants its holders the ability to conduct activities related to cryptocurrencies in the state.

NYDFS has carefully studied the company's application, including its policy on measures to combat money laundering, customer identification, fraud prevention, cybersecurity. The financial situation of the company was also thoroughly analyzed.

New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay.

Stephen Pair

CEO, BitPay

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers: the first will be able to use the company's processing services to accept payments in Bitcoin and Bitcoin Cash, the latter will pay for various goods and services using these two BitPay supported cryptos.

Note that BitPay was only the eighth company that received BitLicense. Other license holders are Square, Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, Ripple and Circle. In addition, special permissions for operations with crypto-currencies are exchanged by Gemini and itBit.