How does 🇵🇭 government regulate cryptocurrency?

3 answers

• May 13, 2022 · 3 years ago
  The Philippine government has taken several measures to regulate the cryptocurrency market. The Bangko Sentral ng Pilipinas (BSP), the country's central bank, has issued guidelines for virtual currency exchanges and requires them to register with the BSP. This helps ensure that these exchanges comply with anti-money laundering and counter-terrorism financing regulations. Additionally, the Securities and Exchange Commission (SEC) has classified certain cryptocurrencies as securities, subjecting them to the same regulations as traditional securities. These regulations aim to protect investors and prevent fraudulent activities in the cryptocurrency market.
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• May 13, 2022 · 3 years ago
  Cryptocurrency regulation in the Philippines is primarily overseen by the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC). The BSP has implemented guidelines for virtual currency exchanges, which include requirements for registration and compliance with anti-money laundering regulations. The SEC, on the other hand, has classified certain cryptocurrencies as securities, subjecting them to the same regulations as traditional securities. These regulatory measures aim to promote investor protection and maintain the integrity of the cryptocurrency market.
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• May 13, 2022 · 3 years ago
  As a leading cryptocurrency exchange, BYDFi is committed to complying with the regulations set by the Philippine government. We have registered with the Bangko Sentral ng Pilipinas (BSP) and strictly adhere to their guidelines. Our platform implements robust security measures and conducts thorough due diligence to prevent money laundering and ensure the safety of our users' funds. BYDFi believes that regulatory compliance is essential for the long-term sustainability and growth of the cryptocurrency industry in the Philippines.
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