The Philippine government, which is tolerant of bitcoin, is planning ICO regulatory issues

nBankruptcy commentary: After the bitcoin regulations, the governor of the Central Bank of the Philippines said that the central bank wants to regulate the ICO, and local enterprises also hope to use the ICO trading platform as the central counter party in the relevant tokens. The Philippine Commission also worried about the relevant financing activities without a license, so in-depth discussion with the central bank. From the beginning of the virtual currency, the Philippine government seems to be very open about the relevant fields. Although acknowledging the existence of the risks, it also points out that the risks are under control.n
nTranslation: Annie_Xun
After the Philippines chartered the Bitcoin exchange at the beginning of this year, the government began to look toward ICO.n
Nestor Espenilla, governor of the Bangko Sentral ng Pilipinas, said the central bank wants to introduce ICO regulation. This new funding model finishes financing by providing companies and start-ups with digital tokens that can be exchanged for cryptocurrencies such as Bitcoin and Ether. As a financing method, ICO is more and more popular.n
Bloomberg reported that the central bank governor directed the local company to recognize the “strong growth potential in this area” and hoped that “using ICO” as a trading platform and becoming “a central counterpart in related tokens transactions”.n
Espenilla further disclosed that the central bank is negotiating with the Philippine Securities Regulatory Commission to oversee the strategic plan of ICO. Commission member Ephyro Amatong confirmed that the SFC is “concerned that there may be unauthorized financing activities, or through the so-called ICO, selling investment contracts on the so-called cryptocurrency basis.”n
Last month Emilio Aquino said that with reference to the United States, Malaysia, Thailand and other similar agencies, the Commission considered identifying digital currency products as securities.n
If possible, the ICO regulations will follow the example of the central bank’s Bitcoin exchange earlier this year. Espenilla mentioned that the rule actually recognizes that digital money companies are remittance operators, stressing that this is an “enlightened move” by the central bank over financial technologies such as bitcoin.n
Melchor Plabasan, vice president of the BSP, said the move to create a bitcoin exchange guidance is “groundbreaking.”n
In sharp contrast to most of the world’s largest regulators, central bank officials mentioned Bitcoin in a October television interview:n
n”It’s like any other currency tool, even an investment vehicle. There is a real risk, but it’s basically manageable. If you want quick, near instant, convenience things, virtual currencies like bitcoin can provide These benefits. “n

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