News Philippines Is Shaping Up To Be "Asia's Next Sandbox" For Blockchain, ConsenSys

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The blockchain market in the Philippines has been thriving, with the nation's government being highly receptive towards the technology and working hard towards establishing itself as a blockchain-friendly destination in the region. Aiai Garcia, global business development lead for ConsenSys in the Asia-Pacific, wrote on Medium that the Philippines could be the next sandbox for the blockchain space in Asia.

Garcia told Cryptovest in an interview that the blockchain market is developing rapidly in this country, with regulators receptive of the technology and adopting a “do no harm” policy. Cryptovest reported her as saying:

This is indeed a very exciting time for the Philippines blockchain industry. There are plenty of exciting projects, and the good thing is that all the regulators we've talked with or are talking to are also excited about the technology and looking for ways to adopt and use blockchain to improve the current system.

Today, the Philippines has one of the most advanced blockchain payments apps in the world (Coins.ph), which provides 1.5 million Filipinos alternative access to their finances and other value-added services. Filipino regulators were also amongst the first to announce the regulation of Bitcoin as security.

Philippines May Use Blockchain for Tax Collection, Business Improvement

Reported Cryptovest:

On Monday, the country’s department of finance (DoF) said it was open to exploring the opportunities blockchain offers in the areas of tax collection, transparency, ease of doing business, and reduction of illegal smuggling.

Cryptovest also quoted DoF spokesperson Paola Alvarez as saying:

Yes, of course, we are open to exploring blockchain. Secretary (Carlos) Dominguez is really pushing for the application of financial technology. He wants to harness fintech to improve business, for example, payment of taxes online.

Alvarez also added that Dominguez has already created a technical team to look into blockchain and fintech applications. In the meantime, the DoF has introduced its PHPay system, an online platform allowing taxpayers and other state clients to send money and other charges digitally to government agencies.

Blockchain and crypto community called on to work with regulators
Cryptovest also reported that:

Last month, the Philippine Securities and Exchange Commission (SEC) called on the country’s blockchain and cryptocurrency community to help draft appropriate rules for the industry.

SEC Commissioner Ephyro Luis Amatong was quoted as saying:

The government wants to be proactive in creating rules about cryptocurrency. We want to engage all the stakeholders by asking for your feedback. We don't want to ban anything just because we don't understand something. That is why your feedback and your cooperation are important so we can come up with an appropriate rule about cryptocurrency trading.
 
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