Cryptocurrency Q&A
Is crypto trading illegal in Philippines?
Is crypto trading illegal in Philippines?
Nicola
Thu May 09 2024
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5 answers
1248
Could you clarify for me, is cryptocurrency trading considered an illegal activity in the Philippines? I've been hearing conflicting information about this topic, and I'm seeking a professional opinion. As I understand, cryptocurrencies are a rapidly growing segment of the financial world, and I'm keen on exploring the opportunities they might present. However, I'm also mindful of the legal implications and don't want to risk breaking any laws. Could you provide me with an accurate and up-to-date assessment of the legality of crypto trading in the Philippines? Thank you for your time and expertise in this matter.
5 answers
benjamin_rose_author
Sat May 11 2024
This is because they are not issued by the Bangko Sentral ng Pilipinas (BSP), the national central bank.
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Stefano
Sat May 11 2024
In 2021, the Central Bank issued Guidelines for Virtual Asset Service Providers (VASPs) to establish a regulatory framework for cryptocurrency transactions.
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KDramaLegend
Sat May 11 2024
Within this framework, cryptocurrency transactions are considered legal, provided they adhere to the guidelines set forth by the BSP.
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EclipseRider
Sat May 11 2024
In the Philippines, cryptocurrency regulations exist to govern the use and transactions of digital currencies.
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GangnamGlitzGlamour
Sat May 11 2024
Despite their widespread acceptance, crypto coins are not recognized as 'legal tender' in the country.
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