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04
Jan, 2020

IMF helps Philippines to become major market in cryptos

Every year, IMF sends a technical report in every state – member regarding problems it faces and suggestions for its future. This year’s report towards the Philippines was a guide on how the country could develop into a major market to attract investors and companies from the crypto industry.

 

The report includes suggestions to Central Bank of Philippines, especially in the regulatory framework and the transformation process for further development for the crypto industry in the Philippines.

 

The basic reason behind IMF’s report is the rising number of crypto exchanges, who decide to establish themselves in the Philippines. At this moment, there 13 officially registered crypto exchanges who operate in a vague regulatory framework, especially in issues regarding private information about their clients.

 

More specifically, the report suggests data collection from crypto exchanges quarterly. The data are mostly the identity of the clients and the country behind the transaction parties.