Vietnam and Philippines choose crypto friendly route
In Vietnam, the government is moving towards a crypto friendly environment where it will be easier to exchange cryptocurrencies for a variety of goods and services. Under the new regulations, which go into effect in June, trading digital currencies must be conducted through registered exchanges. The government also plans to legalize the issuance and use of utility tokens. According to local media, a number of small-scale exchanges have already been granted licenses to operate in the country.
Do you know how much Vietnam and Philippines use cryptocurrencies as a payment method? Will it be a big hit? Vietnam and Philippines have been consistently looking for the better way to improve their economies over the years. In Vietnam, blockchain technology is already being used by the government to improve administrative processes. In Philippines, they have already adopted Bitcoin because of its versatility in enabling payments almost anywhere, anytime. In the next few years, you can expect more countries to follow the same path.
Starting from June 9, 2018, Vietnam and the Philippines are taking steps towards establishing a digital economy and digital bank.. Read more about is cryptocurrency legal in vietnam and let us know what you think.
Summary of the situation
– Vietnam wants to introduce crypto currency-friendly regulations as part of its fiat currency law.
– Filipinos choose to trade cryptocurrencies on the PSE.
Indian and Chinese regulators are not the only ones involved in the hunt for cryptocurrencies in 2021. New players like Vietnam and the Philippines are joining the crypto-friendly rules as the crypto-currency landscape looks promising.
According to announcements from the Philippine Stock Exchange, cryptocurrencies are an unmissable digital asset. However, Vietnamese Prime Minister Pham Minh Chinh has asked the central bank to analyze the cryptocurrency market. Chinh wants to start a cryptocurrency project that could launch by the end of the year.
Does Vietnam need a not-so-secret regulator for crypto-currency?
Both countries agree that cryptocurrencies have proven friendly to independent traders and investors. In Vietnam and the Philippines, bitcoin has exceeded the norm, trading above $64,000 in April. Asian countries are also already feeling the massive increase in domestic investors.
According to the data, the Philippines and Vietnam have the highest percentage of crypto traders in the world after Nigeria. According to Statista’s global consumer research, Turkey, Peru, Switzerland and India follow on the list. The most recent example is China, where traders have had to deal with numerous regulations on cryptocurrencies since the beginning of the year.
Vietnam News reports that Minister Chinh has asked the Central Bank of Vietnam to launch a pilot program. However, it is not yet clear what cryptovaluta-friendly rules the government plans to adopt.
Central banks around the world, including the Reserve Bank of India, are against cryptocurrencies. But this is a strategy to create your own crypto-currencies with blockchain technology. Chinh will try to integrate a similar project to improve the development of digital government in Vietnam.
Vietnam’s regulation of cryptocurrencies is in line with that of other Asian countries. However, these measures can be discrete and not affect the cryptographic ecosystem of the citizens.
Philippines considers strict regulation of cryptocurrencies
The Philippine exchange is trying to introduce more sophisticated regulation of crypto-currencies than its allies. PES CEO Ramon Monzon explained that cryptocurrency traders must go through an approved platform if they want to trade cryptocurrencies. He therefore suggests that the PSE platform should have a guarantee that protects crypto investors in the country.
Monzon explains that while cryptocurrencies can generate profits for a trader, they can also generate losses. The PSE therefore expects the country’s Securities and Exchange Commission to issue guidelines for cryptocurrency trading. Currently, regulators in the country do not allow ESPs to regulate cryptocurrencies, but that could change with the SEC’s upcoming approval.
While the Philippines and Vietnam want to regulate cryptocurrencies, China and India think differently. In any case, the cryptocurrency market will operate under strict rules, unlike China, where they are now banned.As of May 16, 2018, most of the countries in Southeast Asia have been forced to upgrade their national currencies to comply with recently-announced global requirements for exchange of foreign currencies from local banks to digital money systems, or to give up their access to such payments. Singapore has been the first in the region to take this step. However, some of the other countries, such as Thailand and the Philippines, have decided to take a more crypto friendly route and will be allowing crypto payments at a later date.. Read more about crypto license philippines and let us know what you think.
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