On Monday it was reported by The Manila Times a Regulators in the Philippines plan to reveal draft cryptocurrency regulation by the middle of this month.
The chairman of the country Securities and Exchange Commission (SEC), Ephyro Luis Amatong, The Manila Times confirmed cryptocurrency exchanges could soon be considered as traditional “trading platforms.”
Amatong explained that “We see the need to regulate them as trading platforms.”
He continued saying that “We already discussed the matter with the BSP since the BSP is also interested and we are also interested in The discussion involves joint cooperative oversight over (cryptocurrency exchanges) engaged in trading.”
Such an approach is reminiscent of that taken in Japan, where regulators continue to tighten requirements on exchanges to avoid a repeat of a serious hack in January this year.
The Philippine government had previously created a fintech hub in the Cagayan Economic Zone in April of this year, allowing blockchain and crypto-related firms to operate legally in the zone.