Altcoins Talks - Cryptocurrency Forum

Further Discussions => Legality & Taxation of Cryptos => Topic started by: sirty143 on May 08, 2024, 03:48:50 PM

Title: Philippines Regulator to Unveil Cryptocurrency Regulatory Framework in Second Ha
Post by: sirty143 on May 08, 2024, 03:48:50 PM
Philippines Regulator to Unveil Cryptocurrency Regulatory Framework in Second Half of 2024

Emilio B. Aquino, chairperson of the Securities and Exchange Commission in the Philippines, announced plans to introduce a regulatory framework for cryptocurrency in the latter half of 2024. Aquino expressed optimism that tech giants Apple and Google will... See more for yourself here (https://news.bitcoin.com/philippines-regulator-to-unveil-cryptocurrency-regulatory-framework-in-second-half-of-2024/).

Your opinion is greatly appreciated.
Title: Re: Philippines Regulator to Unveil Cryptocurrency Regulatory Framework in Second Ha
Post by: joniboini on May 16, 2024, 11:12:11 PM
I wonder what kind of framework are they trying to introduce. If it is related to exchange operations in their country, which part of it is lacking, considering how they can request Google and Apple to delist the Binance app already? Binance app also got delisted from my country's Play Store just recently, which many people claim is related to Binance's failure to open a local office in our country. So it is quite similar to this case, though I'm not sure to what extent.
Title: Re: Philippines Regulator to Unveil Cryptocurrency Regulatory Framework in Second Ha
Post by: Zed0X on May 17, 2024, 03:20:18 PM
They've been releasing statements about a crypto framework for years and now they claim the FTX incident is a wake up call? They must be sleeping during consultations and discussions ;D

Quote from: joniboini on May 16, 2024, 11:12:11 PM
I wonder what kind of framework are they trying to introduce. If it is related to exchange operations in their country, which part of it is lacking, considering how they can request Google and Apple to delist the Binance app already?
Yeah, most likely focused on the registration of crypto exchanges in the country because that's within their jurisdiction. Maybe they'll provide more clarity and add more provisions to the existing law.

Regarding the request to delist, that's probably the first time they did that. I'm not aware of any other request to remove shady apps.
Title: Re: Philippines Regulator to Unveil Cryptocurrency Regulatory Framework in Second Ha
Post by: joniboini on May 22, 2024, 03:09:16 AM
I see, so I guess the law in the Philippines and Indonesia is quite similar then? Kinda surreal to see my country's laws are clearer than our neighboring country (albeit a bit far, geographically) despite the subject being relatively new. Not sure if it shows they don't bother researching crypto that much or if they decide it is easier to make the laws quite relaxed as long as they can get taxes from the industry as soon as possible. Anyway, let's see what kind of framework will they introduce. Being too detailed can discourage international business too afaik.