Cryptocurrency Q&A
Is Bitcoin illegal in the Philippines?
Is Bitcoin illegal in the Philippines?
CryptoAlchemy
Sun Oct 13 2024
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7 answers
1701
I'm wondering about the legality of Bitcoin in the Philippines. Is it considered illegal to use, buy, or sell Bitcoin in that country?
7 answers
CryptoPioneer
Tue Oct 15 2024
The guidelines aim to establish a regulatory framework for VASPs, including cryptocurrency exchanges, wallet providers, and other entities involved in the crypto ecosystem.
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GangnamGlitter
Tue Oct 15 2024
Cryptocurrency regulations in the Philippines recognize the legality of cryptocurrency transactions. Despite this, crypto coins are not deemed as 'legal tender' due to their lack of issuance by the Bangko Sentral ng Pilipinas (BSP).
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MountFujiMysticalView
Tue Oct 15 2024
The non-status of cryptocurrencies as legal tender signifies that they cannot be used as a means of payment for goods and services in the same manner as traditional fiat currencies.
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Valentina
Tue Oct 15 2024
The Central Bank of the Philippines, recognizing the growing popularity of cryptocurrencies, took a proactive approach by issuing the Guidelines for Virtual Asset Service Providers (VASPs) in 2021.
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Margherita
Mon Oct 14 2024
By implementing these guidelines, the BSP seeks to promote responsible and transparent practices within the crypto industry, ensuring consumer protection and mitigating potential risks.
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