Phillipines Central Bank considers Bitcoin regulations

Bangko Sentral ng Pilipinas (BSP) and local authorities plan on creating standards for regulating digital assets like Bitcoin
21 December 2017   230

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.

Arizona to Protect Crypto Nodes Legally

According to the public records, proposed protections for cryptocurrency node operators are moving ahead in Arizona's legislature
21 February 2018   44

On February 6 House Bill 2602 was filed by Representative Jeff Weninger (R.-17). It passed the Arizona House of Representatives on February 20 with 55 out of 60 votes. Now it will be sent to the State Senate.

The bill will prevent governments in the state from imposing restrictions on people who run nodes in their residences.

The bill does not specify whether it is restricted to cryptocurrency miners. However, the bill states that individuals using computing power to either validate or encrypt a transaction on a blockchain are protected.

This is just one out several bills making their way through the Arizona legislature. Another bill by Weninger would formally define the terms "coin", "blockchain," and "initial coin offering" within the state's legal framework.

Another bill recently passed by the Arizona Senate which would empower the state government to accept taxes in bitcoin and other cryptocurrencies.