MeThe Securities and Exchange Commission (SEC) in the Philippines has been active lately, apparently targeting draft rules for the domestic cryptocurrency exchanges weeks ahead of finalizing the regulations later this year.
According to recent news, the cryptocurrency exchanges in the Philippines could soon operate as regulated trading platforms. The regulators are apparently seeking to protect investors and also create an inclusive ecosystem for cryptocurrencies to flourish in the country.
As the SEC commissioner Ephyro Luis B. Amatong stated in an interview with BusinessWorld:
“We will put out a draft rule for the virtual currency exchanges, hopefully within the first half of September.”
The official was also speaking to reporters after the SEC meeting on Thursday when he revealed his talks with the Bangko Sentral ng Pilipinas (BSP) which is the country’s central bank – for a joint oversight over the crypto exchange industry in the country.
As the Manila Times reported, he stated:
“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 VCEs engaged in trading.”
Meanwhile, the Philippines is among the first countries in the world that implemented formal guidelines for cryptocurrency exchanges in February 2017. Right now, the BSP has outlined the guidelines for operators wherein certified exchanges were recognized as remittance and money-transferring firms. As Amatong stated, the plan is to regulate them “as trading platforms.”
To conclude his stance on cryptocurrencies and regulation within the country, the central bank official added:
“If you want something that is fast, near real-time and convenient then there’s the benefit of using virtual currencies like bitcoin.”
Facebook Is Looking For Senior Lawyer With Blockchain (Payments) Experience
“You will be responsible for drafting and negotiating a wide variety of contracts related our blockchain initiatives, including partnerships needed to launch new products and expand such products internationally.”It continues:
“You will also advise clients on the various legal risks, business strategies and other issues related to commercial transactions and general operations.”With this, Facebook attracted a lot of attention in the media. After the reports on New York Times last month which hinted on the company seeking support for its potential future token dubbed "Facebook Coin" - this only extends the rumors to new possibilities. The token, which some sources say that may appear within the first half of this year, would act as a cross platform initiative for payments - and may also involve Instagram and WhatsApp - as the two major businesses owned by Facebook. Before this, one report showed that the social media giant (Facebook) had bought a blockchain startup and with that made its first move in the blockchain space. The report was talking about Chainspace, a startup based in the UK, which focuses on blockchain scalability solutions. At the time, one Facebook representative noted that they have hired many Chainspace researchers but hadn't gotten a hold of Chainspace's tech. There are a lot of analyses about Facebook's current plans involving crypto and blockchain - as well as a lot of accents on how the dominant social media network could improve these spaces. For now, however, everything is just a rumor but this recent job vacancy ad has proven that things are looking more serious for both Facebook and its plans in the blockchain/crypto space.
Kraken Acquires UK Futures Provider And Crypto Exchange Crypto Facilities
“We are excited to introduce eligible clients to these industry leading futures and index products. Over the coming months, our teams will continue to enhance and expand these offerings.”The decision comes after crypto exchanges are trying to expand abroad and expand their reach to users and at the same time circumventing the restrictions by the regulatory climate in the United States versus other markets. For example, crypto exchange Bittrex also decided to launch an international branch of its trading platform that will divide the US users so it can be able to offer more tokens to all of the non-US users. This is why both of the companies (Kraken and Crypto Facilities) agreed on the partnership and focus on going forward. According to the press release:
“Crypto Facilities will remain London-based, benefiting from the regulatory oversight of the Financial Conduct Authority, one of the world’s most forward looking and innovation-focused regulators, and reflecting Kraken’s commitment to the UK as the leading financial and cryptocurrency hub in Europe.’’
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Criminals Are Threatening Business Owners In Amsterdam Demanding 50,000 Euros Worth Of Bitcoin
“You probably noticed how many entrepreneurs have had to close their doors recently by order of the municipality. To prevent you from being the next one, you must immediately take action.’’In order to pay the extortion fee, the business owners are instructed to open a new account on two crypto exchanges and them being Coinbase and Coinmama. Next up they have to buy bitcoins on either one of the exchanges and then transfer them to a required address. At least three coffee shops have already received a threat like this in Amsterdam and also a few nightclubs. The criminals even said that the extortion fee will be doubled if the owners don’t make the payment in five days. The email recipients must keep the threat confidential and they are warned for informing the police or any other law enforcement body. If they don’t maintain the confidentiality, the extortion fee will reach a stunning 200,000 euros. However, there is no single business registered to have paid the said amount.
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