The Philippine corporate watchdog is moving to regulate cryptocurrencies such as Bitcoin, Ether and other related digital assets, as it seeks to upgrade rules that go back nearly a century. | miguelrcamusINQ /PDI
Efforts to govern the space come amid the surge in cryptocurrency usage in the Philippines—which has a reported 4.3 million owners of cryptocurrencies and allied digital assets.
The price of Bitcoin has rallied over 40 percent to $23,300 since the start of the year. It is still down over 66 percent from its Nov. 2021 all-time high. “We commend the SEC for being proactive in addressing these challenges brought about by new technologies that enable more efficient ways of transacting business. Acting, especially, in defense of the investing public without hampering growth,” UPLC Dean Edgardo Carlo L. Vistan II said in the statement.
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