Philippines announces legalizing cryptocurrency

The Philippines announced it would legalize bitcoin immediately. The main regulator on November 21 said to consider offering virtual currency as a security. The latest step as a path to proper legalization comes after much consideration, monitoring and consultation with the central bank.

"The ICO depends on the facts and circumstances in which offers made primarily in raising capital can be categorized as securities, so they can not be offered without registering in the SEC," said the Philippines Commissioner of Securities and Exchange Commission (PhSEC).

Tinuku Philippines announces legalizing cryptocurrency

"The discussion on ICO is to consider as a security in this case we will apply the Securities Regulation Code. We have seen specifically that there is an initial coin offer, of course is bitcoin and ethereum," Aquino said.

Aquino said he was in discussions with the Bangko Sentral Ng Pilipinas (BSP). There are at least five or six companies that have been registered and authorized by BSP but are limited to money service businesses to handle remittances.

"Today there are two virtual currency exchangers listed in the BSP and some are being evaluated. It's very simple, they redeem crypto and souvenirs into a peso equivalent. It only moves from traditional money to cryptocurrency," said BSP Governor, Nestor Espenilla, Jr.