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Sept. 4, 2018
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Philippines will force crypto sphere to play by the rules. By the end of the year, the country will finally approve the rules, which will govern the crypto market.

Cryptocurrencies in the Philippines are waiting for a new regulation. And it will appear very soon. Local experts will develop rules for the exchange of digital money in the country in the first half of September, according to the commissioner of the Securities and Exchange Commission (SEC) Ephyro Luis Amatong.

However, these are not all the regulatory measures that will be adopted in the country. SEC in conjunction with the Central Bank will also begin to monitor the activities of crypto exchanges, and suspicious transactions will be checked by the Anti-Money Laundering Council.

Philippines: Special Crypto Zone

WHY IS IT IMPORTANT?

  • The country is actively developing its crypto market. All new regulatory measures are aimed at making it as legitimate and transparent as possible.
  • Keep in mind that it is the Philippines that has a special economic zone, which makes its own rules for the world of crypto. The Cagayan Economic Zone Authority (CEZA) is a government unit that is directly operated under the Office of the President. CEZA holds an exclusive right to independently approve applications without the need for a state agency to speed up the processing of gaming licenses. On June 27, CEZA official website released a press release announcing that the agency plans to issue 25 basic licenses for crypto exchanges.
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