Ripple Labs interest in Phillipines Crypto Currency peaks for Investors
Scroll DownThe protracted cryptocurrency bear market has not slowed down the flow of regulatory activity around the world. One of the latest countries to announce regulation of digital currencies is the Philippines, where a regional economic zone authority has been tasked with drafting rules related to various digital assets and potential transactions. Similar to what has been implemented in other countries, Filipino regulators have chosen to classify crypto tokens as security, utility or consumer digital assets. There is already a regulated home for these tokens in the Philippines; it is known as the Offshore Virtual Currency Exchange, and this is where digital assets should be properly listed. It should be noted that the new regulations in the Philippines take into consideration monetary tiers for tokens whether they are used purely for investment purposes or as currency. The lower tier has a value running up to $5 million; the next tier runs up to $10 million, and the highest exceeds $10 million. No regulation has been formulated with regard to initial coin offerings, but cryptocurrency developers are still expected to submit paperwork to determine whether their tokens meet the definition of investment securities. ICO regulation is always more complicated in any jurisdiction, but financial officials in the Philippines have been a little more proactive. Directors of the country's central bank have expressed interest in reviewing ICO activity in other countries, particularly the United States. Of all countries in Asia, the Philippines stands out as being one of the most likely to adopt a liberal stance towards digital currencies, but it is not suprising to see regulators as being more cautious around the issue of ICOs. After the central bank granted approval to six digital currency exchanges last year, market analysts remarked that Filipino developers were in a good position to launch blockchain apps. This is a country that receives considerable amounts of remittances on a daily basis; to this effect, Ripple Labs has explored the possibility of positioning XRP as an option for Filipinos who depend on money wired by loved ones working overseas. All in all, this is a promising market for crypto activity.
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