Filipinos are active players in the virtual currency space. For the first half of 2017, virtual currency transactions to and from the Philippines have reached a daily volume of $8 million. While the BSP has categorically declared that virtual currencies are not legal tender, it understood that it could better monitor virtual currency transactions by regulating the local platforms that provide trading services. Our regulators should take care not to unnecessarily regulate or over-regulate these virtual currency transactions. Both the BSP and the SEC stand a better chance at effectively regulating the virtual currency space by adopting an inclusive approach, and creating a sandbox environment where both innovation and regulation efficiently coexist.

Source: Manila Times June 06, 2018 16:52 UTC