Philippines as a Bitcoin friendly country

Company incorporation

A cryptocurrency in an increasing number of countries is reaching a new level. To open an ICO in the Philippines, where money is a king and bitcoin is a queen, will be an interesting solution, since now it is planned to introduce regulations for registering ICO companies in the Philippines.

Few decades ago, a novelty for everyone was a way to exchange electronic messages. Most people didn't even have computers, and now writing by regular mail is a rarity. And an email is a digital representation of a physical letter, since bitcoin is digital money. And while many people are already earning bitcoins, the rest fear them.

According to Ben Ewardon, a representative of Eastern Samar in the Philippines: “Cryptocurrencies are a low-cost form of a money transfer, but an extremely risky investment, as there is no regulatory protection for consumers.”

As IQ Decision lawyers in the Philippines learned at the moment, bitcoins and other electronic currencies are not accepted by banks and are not material values, but everything is changing rapidly.

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Of course, as exchange indicators demonstrate, Bitcoin is the best investment of the last year! And now, Philippine authorities are considering ways to use bitcoin in the country. Emilio Aquino, who chairs the Philippines Securities Committee, plans to consider cryptocurrencies as securities in the Philippines.

The Philippines has already allowed 6 companies to accept transfers to the Philippines in cryptocurrencies and consider this type to transfer funds even faster and more economically, than using a bank or money transfer systems, such as PayPal.

The Governor of the Philippines, Nestor Espenilla, also announced his intention to introduce rules for the ICO. He pointed out, that cryptocurrency is showing itself well as a means of obtaining financing, and is a radically new and incredibly effective way to attract capital.

At the moment, registering a company in the Philippines under an ICO is possible without obtaining a license, but authorities are very concerned about this fact. According to IQ Decision lawyers, the procedure of obtaining a license for an ICO in the Philippines will be the same as for a license for working with securities in the Philippines.

Previously, there was the information, that a license for the exchange of cryptocurrencies in the Philippines was provided by the central bank to two local bitcoin exchangers. Currently, the central bank is considering 12 applications for registering a bitcoin exchange.

With the help of IQ Decision lawyers, you can register an ICO company in the Philippines, open a cryptocurrency exchange in the Philippines and obtain a license for its activity. We are available through contacts on the site.

  • The information outlined in the article is actual at the time of its publication.

  • Please refer to our specialists for checking possible solutions for your business.

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