The latest changes in the Regulation give bitcoin Startups in the Philippines: an opportunity to grow
Bitcoin startups are often hampered in their efforts due to fairly strict regulation. Although cryptocurrencies have had an impact in the Philippines, regulatory guidelines remain an obstacle. In view of this, this has improved as recent changes seem to favor bitcoin companies. In the end it is predicted that it is a new favorable strategy, which may favor companies dealing with bitcoin, thus may benefit the adoption of the cryptocurrencie in the Philippines.
In this sense, the guidelines document for the cryptocurrencies Exchanges contains information that arouses interest, sometimes uncertainty. On the one hand the Central Bank of this country, recognizes the disruptive success of bitcoin and other cryptocurrencies. It is evident that there are many fast and very convenient transactions, it is evident that the cryptocurrencies have an advantage over the traditional currencies. However, virtual currencies are a systemic risk for money laundering and for financing terrorism, what is not mentioned is that these illicit activities were already done for a long time and for those times there were no cryptocurrencies.
It is important to mention that there is an impetus for the adoption of bitcoin in the Philippines, regarding the problems that are generated and that it is not technology’s fault, there are similar concerns and these have been expressed by regulators around the world. It is worth mentioning, that bitcoin is one of the most transparent financial systems in the world, but nonetheless, politicians remain cautious. That is not surprising and is appreciated by any means, the answer may be that Bitcoin operates outside the control of banks and governments and that does not satisfy the Status Quo system. For the time being, the Central Bank will not approve bitcoin or other virtual currencies as legal tender currencies.
That said, despite all this type of regulations, is quite positive for the new bitcoin companies that make life in the region. It is said that the government could have closed all the companies of this branch in the Philippines, well, they would have wanted many. Luckily, that was not his goal to do it by any means. In contrast the government and the Central Bank sees bitcoin as an element or vital part for the development of the Philippines.
In this vein, as might be expected, some people feel that these regulations are not strict enough. A lot of cases of uses for bitcoin and other cryptocurrencies are not addressed is these guidelines. It seems that the regulation focuses mainly on the remittance service, rather than the Fintech, gambling or other related industries. Companies that do not participate in remittances may not necessarily contribute resources to comply with these regulatory standards.
In the end, it’s good to see bitcoin get out of his “gray area” in the Philippines. None of the companies in the country are happy or satisfied to operate outside society, they need protection. Now that these guidelines are in place, Bitcoin’s adoption can thrive. Given that every new startup has problems with their banks, these new guidelines should alleviate some of these concerns. It will be interesting to see how the bitcoin ecosystem evolves in the Philippines in the coming years. New ads are expected
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