Korean lawmakers are increasingly pushing for the regulation of initial coin offerings (ICOs) with multiple bills currently pending at the National Assembly. This includes a proposed amendment to the Electronic Financial Transactions Act. Meanwhile, the Korean Blockchain Association has also come up with its own set of guidelines for crypto exchanges and ICOs.
Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals
Five Crypto-Related Bills
It has been about a year since initial coin offerings (ICOs) were banned in South Korea, but the government has yet to introduce a set of guidelines for them.
There are more than five crypto-related bills pending in the National Assembly, Chosun wrote on Friday. In addition, lawmaker Park Yong-jin of the Democratic Party has proposed an amendment to the Electronic Financial Transactions Act, which would regulate cryptocurrencies and initial coin offerings, the publication added.
Representative Ha Tae-kyung said last week that ten lawmakers who worked on this bill are pushing for the government to lift the ban on ICOs. The bill proposes definitions of crypto-related businesses such as trading, brokerage, and management.
Furthermore, ICO issuers must ensure that their tokens adhere to certain standards and obtain approval from the Financial Services Commission (FSC) before launching ICOs, Asia Economy TV explained. Chosun added that with the FSC being part of the process, it will “strengthen the stability and credibility” of the crypto industry.
At a National Assembly meeting on Tuesday, the FSC was questioned about its ICO policy.
“Min Byung-doo, a Democratic Party member asked [the FSC about] the possibility of a change in the government’s policy on the ICO ban,” the Korea Economic Daily reported. He explained that a number of other countries such as the U.S., Switzerland, and Singapore have embraced ICOs.
Responding to Min’s question, FSC Chairman Choi Jong-ku emphasized that “The current policy of banning ICOs has not changed,” adding:
We are investigating the side effects of initial coin offerings (ICOs) from cases in overseas countries.
After token sales were banned in September last year, local companies have been fulfilling their needs abroad in countries which allow ICOs, such as Singapore and Switzerland.
The Korean Blockchain Association unveiled its self-regulatory guidelines for crypto exchanges and ICOs at a blockchain event in Seoul on Tuesday, Asia Economy Daily reported. The association has been trying to enforce self-regulation on its members that are crypto exchanges.
The association’s chairman, Chin Dae-je, detailed that an ICO will be permitted after the group has examined the feasibility of the project by reviewing its whitepaper, the publication conveyed. The whitepaper must include information such as project name, services, investors, technology sources, schedules, and investment risks. In addition, the token issuer must collect “only transparent funds” from identified investors.
Also in the guidelines is an exchange registration system, a capital requirement of more than 2 billion won (~$1.77 million), listing criteria, fee disclosure requirements, a complaint management system, and anti-money laundering (AML) requirements.
Do you think South Korea will regulate ICOs soon? Let us know in the comments section below.
Images courtesy of Shutterstock and the FSC.
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Russia has been trying to pass cryptocurrency legislation since the beginning of January 2018, with no success as of yet. The government’s main bill, “On Digital Technologies,” which was expected to be passed by July 1 — according to the wishes of President Vladimir Putin — will instead most likely be pushed back until an October Duma session.According to Artem Tolkachev, the self-proclaimed “first” lawyer in the Commonwealth of Independent States (CIS) to begin working with Bitcoin (BTC) and blockchain startups, the reason the crypto bills didn’t make it on the July agenda was “because of the complexity of the subject and lack of consensus over the state authorities about how and what they should regulate.”The problems arising within Russia over how to regulate cryptocurrencies have taken the form of conflicts between the Russian Central Bank’s more conservative stance and the Ministry of Economic Development’s willingness to embrace a new technology with the hope of attracting more business to the country.Tolkachev, who has been chairman of the Russian Blockchain.community since 2016 and founded the Blockchain Lab at Deloitte CIS, said that the current version of the crypto and blockchain legislation — which takes its form in three draft bills — has not lived up to his expectations.Speaking to Cointelegraph, Tolkachev said that “of course” he is “disappointed by the current version of the regulation,” noting that the three bills — “On Digital Technologies,” regulation of the central bank on crowdfunding (including Initial Coin Offerings (ICO) and amendments to the Russian Civil Code — were prepared independently, which makes their legislation “rather ineffective.”Tolkachev added,“I spent around two years discussing with the central bank, the Ministry of Finance, the Ministry of Economic Development, the general security service and all [the] other guys [about] how we can regulate this stuff. And I was trying to sell the idea […] that we can be the country who attracts that kind of business and have the crypto-friendly environment here. Unfortunately, we have what we have. What can I say? That’s it.”Yuri Igorevich Pripachkin, the president of the Russian Association of Cryptocurrency and Blockchain (RACIB), told Cointelegraph that the group was also consulted during the formation of the cryptocurrency bill, but that the bill still contains some unfavorable terms. According to Pripachkin, the Russian cryptocurrency bill in its current form is “far behind the ones which were accepted in Belarus, Kazakhstan and many other countries like Singapore, Switzerland.”So what exactly is Russia’s digital economy legislation?At the end of January 2018, the first variant of a Russian crypto bill was presented by Russia’s Ministry of Finance (MinFin). The bill on the digital economy included a framework for the regulations surrounding crypto and blockchain-related technology — like smart contracts, mining and ICOs. Russia’s central bank was also preparing a draft law on crowdfunding.Tolkachev clarified that the draft laws are “not creating regulation for existing cryptocurrencies and tokens,” but are specifically aimed at newly created ICOs:“According to these draft laws, none of the existing cryptocurrencies, especially cryptocurrencies with nothing behind [them], for example, Bitcoin […] will be allowed in Russia. It wouldn’t be under the scope of this legislation at all. According to the three bills, we can talk only about some kind of asset-based tokens, not about cryptocurrency.”This first variation of the bill was originally opposed by the Bank of Russia, according to local news outlet TASS, which reported at the time that the central bank disagreed with the way transactions between crypto, rubles and foreign currencies were laid out. However, MinFin noted that any sort of legislative ban on crypto transactions will “lead to the creation of conditions for the use of such currency for illegal purposes.”Pripachkin told Cointelegraph that “MinFin and [the] central bank, they can’t find the golden middle, because they’ve got different opinions in terms of cryptocurrency legislation, so it affects [the] legislative process.”At the end of February, Russian President Vladimir Putin announced that crypto regulation should become law no later than July 1, 2018. At this time, Russia’s central bank still wanted to criminalize ICO token investments, while MinFin was insisting on just regulation, according to local news outlet Parlamentskaya Gazeta. The outlet quoted Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, who commented on the central bank’s position:“The central bank has come out against the legalization of this kind of digital currency inasmuch as citizens could then actively invest in instruments without considering possible risks.”Tolkachev noted that the state authorities like the Ministry of Economic Development are “much more about creating a good environment for business, for attracting new business,” and thus think the regulation should be changed from the current draft bills. On the other hand, Tolkachev notes that the central bank and the Minister of Finance are the “really conservative guys who don’t really want to see cryptocurrencies.”In March of this year, a group of Russian deputies headed by the Chairman Aksakov submitted the first draft of legislation on cryptocurrencies and ICOs to the State Duma, as well as a draft of the bill “On Alternative Methods of Fundraising (Crowdfunding).”This draft defines cryptocurrencies and tokens as digital assets, with trading only allowed through authorized cryptocurrency exchanges, and establishes KYC regulations for ICOs. Digital assets are also defined as property, not as a legitimate means of payment in the Russian Federation. This March version differs from the initial January variant in that it now echos crypto exchange requirements in United States — i.e., the verification of accounts for anti-money laundering (AML) and counter terrorist financing (CTF) purposes.Tolkachev noted the problem with the bills were their references to “basic Russian AML/KYC rules,” as they “may not be effective for tracing and monitoring transactions with crypto assets.”The March bill also suggests the maximum limit of an individual investment in ICOs be defined by Russia’s central bank rather than the January-suggested 50,000 rubles (about $800).January’s disagreement between the central bank and MinFin had been solved in March, according to local news outlet Ria Novosti, with the Bank of Russia noting that it will be considered permissible to exchange rubles, foreign currencies or property for tokens issued by Russian ICOs, while it will not be allowed to use cryptocurrencies due to the possibility of “questionable transactions.”Also in March, Igor Sudets, a member of the Duma’s expert panel on the digital economy and blockchain, said that due to the proposed bill’s limit on domestic investment in Russia ICOs, investors may not want to conduct Russian ICOs, according to Forklog:“I very much hope that [ICO investment specifications] will be substantially finalized for the second reading. Because otherwise, nobody will want to conduct ICOs in Russian jurisdiction, since the main goal — to raise money — will be unattainable.”In April, a review of the draft crypto bill added that the exchange of crypto for fiat of more than 600,000 rubles (about $9,500) or its foreign equivalent would fall under mandatory currency exchange regulation.Pripachkin said that RACIB is currently working to create additions to the bill that can be proposed to the Duma, and hopes that the Russian officials will take the changes into consideration:“For now, we’re working on preparation of some kind of tips, we really hope that they are going to hear us, according to these remarks we are preparing […] legal bodies should really understand that if they are going to accept the law which is not in the interested of such industry, then this industry is not going to survive.”He noted that he does believe that the drafts “are going to be accepted and implemented later on.” Otherwise, in Pripachkins’ opinion:“None of the foreign investors will come, and what is more — the local industries could leave the country.”The problems that Pripachkin sees in the bill are that there is not a lot of clarity “in terms of the mechanism of ICOs, nor about crypto exchanging licensing,” but he does note that mining is noted as being classified as an entrepreneurial venture for taxation and VAT purposes.Where the crypto bill is nowThe most recent version of the bill was approved by the State Duma in its first reading on May 22 in an almost unanimous vote — 410 for and one against.However, on Sept. 19, Russian news outlet Vedomosti reported on an updated version of the bill, which no longer contains a definition for “cryptocurrency,” and where mining is defined as the “release of tokens to attract investment in capital.” In the previous version of the bill, mining was the extraction of cryptocurrencies.The bill does not make digital currencies a legitimate means of payment. Instead, the central bank, the Ministry of Finance and the Ministry of Economic Development will create separate guidelines for these currencies to be used as payment in “controlled quantities.” The bill also makes a digital confirmation by a user in a smart contract legally equivalent to their written consent.And, while crypto exchanges don’t fall under the scope of the bills’ legislation, Tolkachev noted that Russians can still trade in crypto through peer-to-peer (p2p) transactions in a “so-called ‘grey zone.’” In a separate comment with Vedomosti, Tolkachev underlines that the draft law does not regulate transactions with cryptocurrencies. Russia’s Federal Financial Monitoring Service notes that crypto exchange operators are subject to Article 5 of Federal Law 115-FZ (AML and CTF) or they will lose their license.Pripachkin told Cointelegraph that the “Russian crypto industry and crypto economy is headed [down] the best path […] It’s not a problem for us that we are restricted by legislation in Russia. But, of course we would love to have the first [legislative norms] in the world.”At the beginning of September, Dmitry Peskov, a special representative of the Russian president, said that Russia was not ready for the circulation and issuance of cryptocurrencies, as it “contradicts the basic functions of government.” Peskov notes that the best way forward to develop the cryptocurrency sphere legally in the country is to create a regulatory sandbox to analyze the different aspects of the crypto industry.To this end, the Central Bank of Russia also announced on Sept. 11 the successful test of an ICO trial conducted with Sberbank and the National Settlement Depository.More recently, on Sept. 15, a lobby group of the Russian Union of Industrialists and Entrepreneurs (RSPP) announced that they were also working on an alternative crypto regulation bill in order to clarify the supposed contradictions in the existing bill “On Digital Financial Assets.” This new bill is set to be developed by Russian businessmen, including two of the richest businessmen in the country: Vladimir Potanin, of the nickel and palladium mining and smelting company Nornickel, and Viktor Vekselberg, head of the Russian innovation fund Skolkovo.Elina Sidorenko, the vice president of RSPP, explained that the new version of the alternative bill will divide digital assets into three groups: tokens, which will be equivalent to securities, cryptocurrencies, and digital ‘signs.’ Sidorenko, who didn’t clarify what “digital ‘signs’” entailed, noted:“Cryptocurrencies will have a special status, which has never appeared in Russian legislation before, and will be regulated on the basis of laws and regulations that will be issued by the Russian Central Bank. The central bank will issue licenses for exchange operations. In this regard, the status of crypto owners will be notably facilitated in comparison to securities owners.”If approved by members of the RSPP, the bill can then be then discussed with Russian officials in October.In mid-September, cryptocurrency exchange Huobi joined Russia’s VEB Innovation Fund to share notes on crypto regulation and help create “a legal basis that could compete with current promising jurisdictions.”Putin and cryptoAlthough President Putin himself instigated the now-passed deadline for cryptocurrency regulation, the country’s leader has still not made any clear, definitive statements about the future of cryptocurrency in Russia.However, cryptocurrency was mentioned during President Putin’s most recent live Q&A “Direct Line” with the public, where he spoke relatively negatively — albeit vaguely — about cryptocurrencies and their use cases, noting that they work partially in Japan but not in any other countries.Tolkchev believes that the reason Putin chose to speak about crypto in “Direct Line” is the lack of consensus between the regulator and the state authorities,“That’s why if he answers something, in some way, it would be something like a direct order to the regulators and the state authorities. I think he just doesn’t want to do it right now because a lot of discussions are taking place over this topic.”Pripachkin added that Putin was just repeating the position of the central bank, and that RACIB in their proposed amendments to the crypto bill is “working on explanations [on] why they’re thinking somehow in the wrong way […] [and] trying to clarify the fears of the central bank.”The future of crypto in RussiaCryptocurrency use to avoid sanctions has become a topic worldwide after Venezuela, a country under international sanctions, created its oil-backed government cryptocurrency, the Petro, earlier this year.In January, Sergei Glazyev, economic adviser to President Putin, said that a Russian government-created “CryptoRuble” would be able to alleviate some economic pressure caused by Western sanctions.However, Tolkachev doesn’t think that Russia will be looking to cryptocurrencies to avoid sanctions anytime soon, especially as the CryptoRuble is “still nothing but a rumor that’s been denied a number of times by various state authorities”:“I think from the [state’s] perspective, it’s not a very safe way to use some kind of cryptocurrencies which [the] state doesn’t control, to rely on it as a main source of dealing with the sanctions […] As far as I understand the current agenda, it’s not on the list, we can’t use crypto to beat the sanctions.”On the other hand, Pripachkin was confident that the CryptoRuble project will eventually be implemented:“This project will be created. Sergey Glazyev is highly advanced in economics, and he understands what he is talking about.”But Tolkachev does think that Russia will continue to see cryptocurrencies as something to have control over, as that has been the Russian mentality for the past “10 years”:“Russia and the Russian mentality of the last 10 years was about competing with the [rest of the] world and building something of our own. And of course the Russian government would like to have a control over the internet, over […] cryptocurrencies […] For such kind of situation where a lot of people are involved, a lot of new technology involved, the government would like to have a little bit more pressure than other countries because of the paradigm in which we are living.”
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The Philippine Securities and Exchange Commission (SEC) is due to unveil the hotly anticipated draft regulation for cryptocurrencies in the next few days, if the information provided by The Manilla Times is correct. If the regulation reflects the previous enthusiastic efforts to implement cryptocurrency in the Philippines, it stands to play a seminal role in defining the country’s status as a major player in the fintech sector. The SEC chairman, Ephyro Luis Amatong, has previously emphasised the need to regulate cryptocurrency exchanges as traditional trading platforms.The draft comes in the wake of several Philippine lawmakers calling for the creation of a properly structured and above-board regulatory environment for Initial Coin Offerings (ICO) as the country opens up to the new technology. In spite of several successful DApps being developed in the country and the start of a promising upward trend for the Filipino fintech industry, officials are aware of the need to create a competent legislative framework to both protect their citizens from scams and for the sector to develop profitably.In stark contrast to the majority of other central banks worldwide, the Philippines central bank — Bangko Sentral ng Pilipinas (BSP) — has been extremely proactive in ushering in both the implementation and regulation of cryptocurrencies. The central bank has developed a partnership with the SEC in order to establish “cooperative oversight.” SEC Chairman Amatong explains their cooperation:“We already discussed the matter with the BSP, since the BSP is also interested and we are also interested […] The discussion […] [involves] joint cooperative oversight over [cryptocurrency exchanges] engaged in trading.”Back in 2016, the BSP deputy director Melchor Plabasan made clear his positive outlook on the potential of cryptocurrencies in a televised interview, stating that:“If you want something that is fast, near real-time and convenient, then there’s the benefit of using virtual currencies like Bitcoin.”Final draft builds on months-long efforts to create effective legislationAs previously reported by Cointelegraph, this upcoming draft is the just the latest installment of the SEC’s attempt to regulate the cryptocurrency sector.In November 2017, the SEC announced that it would move to legalize digital currencies by classifying them as securities, using the example of new regulation in the United States, Malaysia and Hong Kong. The SEC chairman and then-commissioner Emilio Aquino shed light on the developments in a news conference:The direction is for us to consider this so-called virtual currencies offerings as possible securities, in which case we will apply the Securities Regulation Code. The heightened frenzy and increasing popularity surrounding Initial Coin Offerings has pushed authorities to lay down new rules to protect consumers.”In August 2018, the SEC released their draft rules for public feedback. According to the official statement released by the local SEC, any company registered in the Philippines seeking to run an ICO must submit an initial request to the commision, establishing whether their token qualifies as a security. Companies must submit their assessment requests no less than 90 days before they plan to launch their sale period. The SEC will then review the request within 20 days and provide its findings in a written report.The report also said that if ICOs were only to be distributed among 20 people or less, then registration with the SEC may not be compulsory.The proposed legislative framework seeks to set out clear rules to avoid the creation of fraudulent ICO projects. The SEC has been proposing to regulate crypto assets since late 2017. In April, the Philippines also floated the notion of defining cloud mining contracts as securities, given that the investors of the data centers operate the process via “investment contracts.”The SEC specified that they invited banks and investment houses, along with the investing public, to submit feedback on the proposed rules and set a deadline of Aug. 31.Crime and punishment: The government cracks down on scamsLike most countries in which cryptocurrency is a burgeoning platform, the Philippines has been victim to a number of scams, as naive investors seek quick returns on offers that are too good to be true while regulators scramble to keep up.In May, an email circulated using the name of President Rodrigo Duterte, along with high-profile members of the Senate, encouraging them to part with their hard-earned pesos in order to invest in cryptocurrency, with the promise of high returns.The presidential spokesman for the Philippines was forced to step in and make a statement denouncing the email scam after President Duterte’s brother’s name was used in conjunction with the scandal.In his official statement, Roque said:“For your information, now that the President’s brother [is being dragged into that cryptocurrency scam], the President has asked me at least three times to announce and inform the public not to entertain any person peddling their alleged influence with the President, including his relatives.”In another scandal, the Philippine’s SEC issued a warning to investors about Onecash Trading, another digital currency provider promising attractive returns of over 200 percent to investors in only eight weeks:”Facebook Account Onecash Trading is inviting the public to sign up to their website through a sponsored link and deposit an amount of P1,000 [$20] as an enrollment fee. Upon activation thereof, a member may opt to become a Trader with a promise receiving 25 percent return of investment every Thursday for eight consecutive weeks without doing anything, or to be a Builder wherein a member shall be receiving P 50.00 [$1] per direct and indirect invites, up to the 10th level.”The SEC stated that all investment schemes that make use of either fiat money or cryptocurrencies are deemed securities and are subsequently required to comply with existing regulations in the Philippines. The statement also came with a warning: Those who fall foul of the law could end up serving 21 years in prison as well as paying up to $100,000 in fines.Cryptocurrencies are a relatively recent phenomenon for most countries. Their sudden skyrocketing into the very center of both public consciousness and the world of finance has often caught governments and issuers by surprise. As a result of this, governments are often on the back foot when it comes to legislation, leaving the door wide open for scammers. An example of this is the January hack of Coincheck in Japan, which led to the theft of $532 million worth of NEM. Anger at the hack was compounded by the fact that Coincheck was not registered with Japan’s Financial Services Agency and was therefore not subject to the same level of scrutiny as other exchanges in the country. The exchange froze all transactions and issued an apology. The Coincheck security compromise is indicative of wider issues in the crypto world, with over $1.2 billion worth of cryptocurrency stolen worldwide in 2017 alone. However, investors and regulators alike are learning from their mistakes. With the Philippine government taking steps to crack down on cyber crime, the wild west environment that has allowed startups and scammers to flourish in equal measure is soon to draw to a close.The current legislation put in place by the Philippine government to deter cyber criminals has been deemed too tepid for some. Opposition politician Senator Leila de Lima is pushing a bill through the senate that seeks to impose drastically stricter punishments for crimes relating to cryptocurrencies.In her authority as a former justice secretary, de Lima used the April 4 arrest of two individuals for an alleged P900 million ($17.2 million) Bitcoin scam to emphasize the need for Senate Bill No. 1694 to be passed:”I hope that this occurrence will push my esteemed colleagues in the Senate to take my proposed bill seriously and help pass it into law soon. Knowing that virtual currency resembles money, and that the possibilities in using it are endless, higher penalty for its use on illegal activities is necessary.”De Lima provided a list of illicit activities that could use cryptocurrencies:”Where unscrupulous individuals entice unsuspecting people to purchase fake Bitcoins, sending a virtual currency as payment for child pornography or a public officer agreeing to perform an act in consideration of payment in Bitcoins [direct bribery].”De Lima’s bill would determine the severity of the criminal activity by the equivalent value of the funds raised through illegal activity. Depending on the amount illicitly raised and the circumstances in which the funds were raised, individuals could face lengthy prison sentences or even the death penalty.Cryptocurrency and blockchain could help unite the Philippines fragmented payments sectorIn a bid to keep the country at the forefront of the ever-expanding crypto frontier, the Philippine government has created the Cagayan Economic Zone Authority (CEZA). With countries like Malta and Switzerland already ahead of the curve in welcoming both blockchain and cryptocurrencies, the CEZA is the country’s response to the ‘Crypto Valley’ of Switzerland’s Zug canton. The Philippine government permitted 10 blockchain and cryptocurrency companies to operate in the zone, with the aim of promoting economic growth and generating jobs for its citizens. In spite of appearances, the zone isn’t just a tax haven free-for-all. Companies are required to contribute no less than $1 million over a two-year period, which, in turn, is topped up by up hundreds of thousands of dollars in fees.CEZA deputy administrator for planning and business development Raymundo T. Roquero explained what businesses must do to be able to operate in the zone:“When they apply, they will pay an application fee of $100,000 (P5.35 million) [and a] license fee of $100,000. Then you go into probity checks, then application programming integration (API), which costs an additional $100,000.”In a ceremony granting licenses to operate in the zone in April, Roquero commented on some of the applications that had been successful:“These are offshore companies, and they have committed investments of $1 million (P534.6 million) each. GMQ intends to build [its] infrastructure in Sta. Ana, Cagayan […] and will have an incubation period of two years, so they are already allowed to operate here in Manila.”Crypto activity in the Philippines, however, is not confined to the CEZA alone. The U.S.-based company ConsenSys has launched Project i2i — short for “island-to-island,” a payment network built on Ethereum that aims to connect the 400 rural community banks across the Philippines. Although there are evidently banks to serve the country’s many rural communities, they are neither connected to any wider electronic networks nor international money transfer systems, meaning that thousands of people are without a means of making quick and reliable payments.Photo from ConsenSys’ i2i releaseThe project uses a web API in order to allow banks to connect to a blockchain backend. This allows users to both carry out transactions and to make use of smart contracts on permissioned blockchain via ConsenSys’ Kaleido platform.Transactions signed through this system will allow for the pledging of digital tokens corresponding to an amount of Philippine pesos in an off-chain account, as well as redeeming and transferring tokens among other platform users.Success stories help the government to keep an open mind about cryptocurrenciesIn spite of a stumbling start to the outright acceptance of cryptocurrencies, the Philippine government is clearly waking up to the many advantages that the technology can bring. This change has not gone unnoticed by some of the industry players.In an interview with Nikkei, FintechAlliance chairman Lito Villanueva said:“With these startups come huge investments in their portfolio. Surely, each country would want to take a piece of the action. Taking blockchain and fintech players in with enabling regulations and potential investment incentives would surely make the game more exciting.”Some of the nation’s startups have already brought in considerable investment. Perhaps the Philippines’ most well-known fintech startup success story, Coins.ph, raised $5 million in a Series A funding round, securing investment from Naspers and Quona Capital. Other Philippine crypto pioneers include Bloom Solutions and Satoshi Citadel Industries.Aiai Garcia, global business development lead for Consensys in Asia-Pacific commented on how the Philippines central bank’s openness toward cryptocurrencies had benefited the industry within the country:“Today, the Philippines has one of the most advanced blockchain payments apps in the world [Coins.ph], which provides 1.5 million Filipinos alternative access to their finances and other value-added services. [Philippine] regulators were also among the first to announce the regulation of Bitcoin as security.”It appears that the government is aware that the opportunities for fintech companies can bring benefits for itself. Department of Finance spokesperson Paola Alvarez said:‘’Secretary [Carlos] Dominguez is really pushing for the application of financial technology. He wants to harness fintech to improve business, for example, payment of taxes online.”As both cryptocurrency and blockchain technology gain footing across the globe, the potential benefits for the underdeveloped Philippine fintech industry are hard to deny. The disparate and fragmented nature of the island’s financial system could be revolutionized thanks to initiatives such as i2i, along with the nation’s many payment apps that have sprung up in recent years. With eager anticipation from high-profile government figures, the ICO regulations seem set to take the next step in defining the role of cryptocurrency in the nation’s future. window.fbAsyncInit = function() FB.init( appId : ‘1922752334671725’, xfbml : true, version : ‘v2.9’ ); FB.AppEvents.logPageView(); ; (function(d, s, id) var js, fjs = d.getElementsByTagName(s); if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = “//connect.facebook.net/en_US/sdk.js”; fjs.parentNode.insertBefore(js, fjs); (document, ‘script’, ‘facebook-jssdk’)); !function(f,b,e,v,n,t,s) if(f.fbq)return;n=f.fbq=function()n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments); if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′; n.queue=;t=b.createElement(e);t.async=!0; t.src=v;s=b.getElementsByTagName(e); s.parentNode.insertBefore(t,s)(window,document,’script’, ‘https://connect.facebook.net/en_US/fbevents.js’); fbq(‘init’, ‘1922752334671725’); fbq(‘track’, ‘PageView’);
NY Consensus Conference Day 1: Blockchain Week has begun with great enthusiasm for both technology enthusiasts and businesspeople around the world. Expectations have been met, and even exceeded in some cases.
One of the main events of this week that seeks to raise awareness about the blockchain world and the benefits it represents for the community is the NY Consensus Conference. An event organized by Coindesk that has earned a reputation as the most significant festival dedicated to blockchain technologies around the world.
According to CNBC figures, the event registered over 4,000 people, which …
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Bermuda drafts ICO regulations to create a familiar environment for cryptographic business