LAPU-LAPU CITY, Cebu — Countries including the Philippines are looking at implementing rules to regulate cryptocurrencies in the next two years, in a bid to take preemptive measures given its increasing adoption.
LAPU-LAPU CITY, Cebu — Countries including the Philippines are looking at implementing rules to regulate cryptocurrencies in the next two years, in a bid to take preemptive measures given its increasing adoption.
Knot said that the regulation will provide a certain level of protection for investors who want to dip their toes in cryptocurrencies, which the FSB regards as a “highly-speculated asset.” “We have to think about regulatory treatment which would additionally punishing to those jurisdictions that try to play this holdout game where exposures, for instance, of the traditional financial institutions to crypto assets activities that are being originated in these jurisdictions will receive additional, let’s say, supervisory scrutiny, regulatory scrutiny, and the like,” he added.
“From my point of view, that’s the state at play, that crypto in the Philippines is not a financial stability issue because it’s not involving too many people, but it is an issue that may call for attention of the government one way or the other,” Medalla said.
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