Currently BSP is already closely watching ICOs, even to the point of cooperating with US SEC unit. And now they are considering to extend the control to digital assets, namely Bitcoin, implementation by local businesses and virtual exchanges.
BSP Deputy Governor Chuchi Fonacier said during the interview that currently they will focus on exchanges, but there is a possibility of Bitcoin itself being a focus of upcoming regulatory laws.
While BSP is open to innovation and quite liberal with virtual currency trading, the new regulations will focus on the crypto to fiat exchanges. So far BSP is reviewing applications for licensure of digital asset operations. Twelve companies have already applied for such licenses, with five more added just recently to list of applicants. And two trading and exchange platforms have been approved by now: Coins.ph and Rebittance.
Philippines Central Bank, according to Fonacier, will very carefully consider any shift in current balance, because while cooperation with SEC would smooth over some of the possible problems, the investments into Bitcoin are already a thing and nothing can change it.
So, to sum it up, the point of new regulations for the time being will be in BSP monitoring only exchange from cryptocurrencies to USD or another government-issued currencies, while anything else will have to wait for a more established legislative and regulatory base, so not to disrupt already-established investments in virtual currencies.