Will New Regulations Help or Hurt Bitcoin Startups in the Philippines?

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Luis Buenaventura is CTO of BloomSolutions, a Philippines-based remittance firm, and the author of the e-book “Reinventing Remittances with Bitcoin“.

In this CoinDesk opinion piece, Buenaventura gives his take on new regulations aimed at bitcoin businesses in the Philippines. Cost burden aside, he argues, there’s reason for entrepreneurs to be optimistic about the changes.

philippines, police

With everyone from Abra to ZipZap using it as either a launch market or a base of regional operations, the Philippines has long been the hub of innovation for bitcoin remittance companies.

Local founders have said it was only a matter of time before the central bank, Bangko Sentral ng Pilipinas (BSP)would come around to regulating the industry, and that process finally began in early February of this year.

That’s when when BSP deputy governor Nestor Espenilla announced the central bank would issue a circular that intended to clear up the government’s position on bitcoin and other cryptocurrency exchanges.

At the time, Espenilla noted that monthly domestic bitcoin volumes in the Philippines had jumped from $1m in 2015, to $5m–$6m the following year, and it was time for guidelines. That circular is now available (BSP Circular No 944), and will

Read more ... source: CoinDesk

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