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Bitcoin Price Chart in Philippine Peso
Bitcoin Market Capitalization
Bitcoin Regulation and Bitcoin Tax in Philippines
The Philippines fiat currency is the Peso. Previously the coin of value was the Piloncitos, (also known as Bulawan) a small gold coin or nugget popular in trade with early Filipinos. Bitcoin with the millions of dollars’ worth now traded in the Philippines is set to become the next Philippine currency of choice.
Late last year the Philippine central bank, Bangko Sentral ng Pilipinas (BSP) moved to institute crypto currency regulation, primarily in cases where currencies such as Bitcoin are converted to and from fiat currency. There seems to be no regulation regarding the exchange of one crypto currency with another and the Philippine government are, by and large, friendly to Bitcoin.
The BSP has undertaken reviews of crypto currency exchanges resulting in approval of 17 businesses and two trading platforms, Coins.ph and Remittance for regulatory approval as Foreign Exchange Dealers (FXD), Money Changers (MC) & Remittance Agents (RA). F
Late last year (2017), BSP Governor, Nestor Espenilla, spoke about Initial Coin Offering (ICO) regulation and legalizing bitcoin as a security. “The [BSP] has an open-minded approach to fintech (financial technology). This means that we take a very active role in ensuring that our policies provide opportunities for innovation,” she explained. The drafted regulatory guidelines seem to indicate the bank will only regulate businesses that converting virtual currencies to USD.
Bangko Sentral ng Pilipinas (BSP) governor Nestor Espenilla has now swivelled around to inspect Initial Coin Offerings (ICOs). The central bank intends to introduce regulations for ICOs. The latest form of fundraising in which companies and start-ups raise capital by offering digital tokens in exchange for cryptocurrencies such as Bitcoin or Ethereum. Over the past three years ICOs have become increasingly popular as a way to finance a start up.
This article is for information purposes only and is not to be construed as financial information for any purposes such as investment or speculation and it is the responsibility of the reader to perform proper due diligence before acting upon any of the information provided. We recommend that you consult with a licensed, qualified investment advisor before making any investment decisions.