The Philippines is adopting cryptocurrency

[Starmix]

As for the Philippines adopting crypto, the situation is quite interesting and evolving. The Philippines has taken a relatively open and progressive approach to cryptocurrencies compared to some other countries. The government, particularly the Central bank, recognizes the potential of cryptocurrencies but emphasizes the need for regulation to protect consumers and prevent illicit activities.

The Central Bank has established a framework for regulating Virtual Asset Service Providers (VASPs), and know-your-customer ( KYC) regulations, which include cryptocurrency exchanges and other businesses dealing with virtual currencies. VASPs are required to obtain licenses and comply with anti-money laundering.

Cryptocurrency is growing in the Philippines, driven by factors such as many Filipinos working abroad and sending money back home. Cryptocurrency offers a potentially cheaper and faster way to send remittances compared to traditional methods. Cryptocurrency can provide access to financial services for the unbanked population in the Philippines. Some Filipinos are attracted to cryptocurrency for its potential to generate high returns.

The Philippines is cautiously embracing cryptocurrency. They are putting regulations in place to manage the risks while also recognizing the potential benefits. It is a space to watch, as the Philippines could become a significant player in the cryptocurrency landscape.

 

[Suba]

Wooo, encouraging news, of course currently many Filipinos are interested in investing or trading to make a profit, but don't forget that usually, the soft rules are only for imposing taxes on every crypto transaction, like in my country.

 

[Starmix]

Wooo, encouraging news, of course currently many Filipinos are interested in investing or trading to make a profit, but don't forget that usually, the soft rules are only for imposing taxes on every crypto transaction, like in my country.

I agree with you, which is why the central bank has established a framework for regulating Virtual Asset Service Providers (VASPs), and know-your-customer ( KYC) regulations to protect the crypto holders from a possible scam.

 

[eLdavis]

That's a good move, hopefully this might also make other countries rethink their decision and find ways to regulate rather than cut off completely.