Two Weeks to Crypto Exchange Regulations in the Philippines
Watchdogs in the Philippines announced the release of a draft cryptocurrency ordinance in the middle of September, as stated by The Manila Times.
The head of the SEC, Ephyro Luis Amatong said that crypto exchanges will be authorized as trading platforms in the country. Legislators in the Philippines have also contributed to the crypto industry in the past by creating a legal outline for ICOs and address their problems.
Moreover, the SEC is planning to listen to the public opinion. They allowed people to send proposals up to the 31st of August before they release the final paper in the week after.
The SEC has been collaborating with the central bank, BSP in Bangko to have better insights, and to build “cooperative oversight”, as stated by a source. He explained further that the collaboration is aimed at having a cooperative oversight over the crypto industry, and cryptocurrencies that are being traded in the Philippines.
In April, the government established a fintech hub for blockchain companies to have a special zone to operate. The designated zone was the Cagayan Economic Zone.