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   1277

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.

Trust Wallet to Add BTC & Bech32 Support

At the moment, this option is available to users of iOS devices, support for Android will be added in the next 2-3 weeks
10 December 2018   98

Binance owned and ERC-20 standard tokens oriented Trust Wallet, announced the start of Bitcoin support (BTC).

As stated in the company's blog post, Trust Wallet has become compatible with the SegWit protocol, allowing to send and receive funds to Bech32 native addresses (bc1).

At the moment, this option is available to users of iOS devices, support for Android will be added in the next 2-3 weeks.

Earlier Trust Wallet announced the start of support for TRON (TRX) tokens. The wallet also supports GoChain (GO), POA Network (POA), Ethereum Classic (ETC), Wanchain (WAN) and VeChain (VET).

Recall Binance announced the purchase of Trust Wallet in July this year. The wallet is expected to become part of the upcoming release of the decentralized trading platform Binance.