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Philippines Opens Door for Exchange Expansion

Tim Alper
Last updated: | 1 min read

The government of the Philippines could be set to regulate cryptocurrency exchanges, paving the way for official recognition. Per the Manila Times, the commissioner of the country’s financial regulator, the Securities and Exchange Commission (SEC), could even issue a comprehensive set of guidelines by the end of this week.

Source: iStock/NatanaelGinting

The news outlet quotes the commissioner, Ephyro Luis Amatong, as saying, “We see the need to regulate exchanges as trading platforms.” Amatong also said the government may look to the regulations issued by government agencies in Australia and Switzerland as possible examples. The SEC has, additionally, indicated that the country’s central bank may also help play a part in the regulation effort.

The Philippines has previously granted operating licenses to two exchanges, although a number of potential rivals have already lodged operating applications with the central bank. Applicants will hope their processes will be expiated following the SEC’s decision.

The South East Asian country is now hoping to make its mark on the regional blockchain scene, with the SEC last month releasing draft legislation on initial coin offering (ICO) issuance and regulation.

Earlier this year, the government approved a plan to build a fintech center in the mold of Switzerland’s Zug, named the Crypto Valley of Asia. The deal was brokered in partnership with property developer Northern Star Gaming and Resorts – with plans to house some 25 blockchain technology and cryptocurrency companies. The developers say they hope to attract “foreign investors and global fintech players.”
Philippines population:

Source: The World Bank

Annual GDP growth forecast (%):

Source: The World Bank