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Recently virtual currencies were legalized and cryptocurrency exchanges are now regulated by Central Bank of the Philippines (Bangko Sentral ng Pilipinas) under Circular 944; however bitcoin and other "virtual currencies" are not recognized by the BSP as currency as "it is neither issued or guaranteed by a central bank nor backed by any commodity."
Buying a digital asset means that the crypto must be registered and approved by the SEC, which those in favor of regulation assert gives the buyer more transparency about the risks associated with it.
The Securities and Exchange Commission (Filipino: Komisyon sa mga Panagot at Palitan; SEC) is the agency of the government of the Philippines charged with the registration and supervision of corporations and securities, as well as capital market institutions and participants, in the Philippines. The commission promotes investor protection in ...
By extension, a cryptocurrency is not directly affected by a specific country's jurisdiction, sociopolitical environment, or economic events. [18] Such a lack of regulation has led to the rising of large-scale crypto-related criminal activity, ranging from terrorist funding to tax evasion, most of which go untracked and unpunished.
The Philippines' Securities and Exchange Commission has begun the process of blocking access to the world's largest crypto exchange Binance, whose chief last week stepped down and pleaded guilty ...
The SEC is looking at how to regulate cryptocurrency trading exchanges, including separating out crypto market makers. SEC’s Gensler homes in on how to regulate cryptocurrency exchanges [Video ...
In this list of financial regulatory and supervisory authorities, central banks are only listed where they act as direct supervisors of individual financial firms, and competition authorities and takeover panels are not listed unless they are set up exclusively for financial services.
More than a dozen members of Congress have signed a letter asking Securities and Exchange Commission (SEC) Chairman Jay Clayton to clarify the guidelines the agency uses to determine whether ...