CMT’s Aida Araceli G. Roxas-Rivera and Paolo S. Tamase contributed the article Cryptocurrency Laws and Regulations in the Philippines in the May/June 2018 issue of the Asia Business Law Journal.

The article explains that pending specific regulations of the Philippine  Securities and Exchage Commission (“SEC”), the said regulator’s Enforcement and Investor Protection Department has expressed its position that virtual currencies fall within the definitions of “security” and “investment contract” and are thus within the regulatory jurisdiction of the SEC. The article also explains the basics of BSP Circular No. 944 (2017) or the Guidelines for Virtual Currency Exchanges issued by the Bangko Sentral ng Pilipinas, as well as the regulations for virtual currency businesses issued by the Cagayan Special Economic Zone Authority.

The online version of the article is available here.

CMT’s Corporate and Special Projects Department advises potential investors in the emerging financial technology industry and keeps up to date with the most recent fintech regulations, including those for virtual currencies.

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