Cryptocurrencies have emerged as a major threat to the traditional banking system with its decentralized nature.

<a href="https://www.cryptoknowmics.com/crypto/week-of-crypto-regulations-governments-in-the-us-china-and-india-take-heed/">Several governments</a> in the past 12 months have decided to maintain a distance from crypto assets with steep laws but there are some countries that have paved the way for acceptance and regulation.

The Philipines is one of such as it is considered one of the crypto-friendly nations in South East Asia.

There are many reasons for this assertion by crypto analysts as the financial institutions have gradually accepted cryptocurrencies.
<h3>The Philippines Financial Regulatory Bodies Are At The Forefront OF Crypto Adoption</h3>
One of the key institutions, the <a href="http://www.bsp.gov.ph/">Central bank of Philippines</a> has been registering more crypto exchanges recently. In Addition, the Securities and Exchange Commission has also finalized cryptocurrency guidelines.

The Central Bank adopted a formal regulatory approach to cryptocurrencies through the issuance of Circular No. 944 in 2017.

It specifies that companies involved in the exchange of digital currencies for fiat money in the Philippines must register with the Central Bank s remittance and transfer companies.

In, fact, the Philippines is one of the first countries in the world where the Central Bank registers companies that want to provide services using digital currencies.

This was the solution that the highest financial institution found in the face of the dilemma about the best option to regulate cryptocurrencies and keep watch on crypto firms without interfering with the development of this industry.
<h3>Special Econimic Zone Has Over 30 Crypto Exchange Operators</h3>
In addition, the Philippines has a special economic zone where many crypto exchanges abroad are licensed to operate. The Cagayan Economic one Authority (CEZA) revealed in June that it had licensed 37 crypto exchange operators.

The founder and chief strategy officer of Bloomsolutions Inc., one of the crypto companies operating in the country, Luis Buenaventura, said the Philippines had many advantages to become a paradise for digital currencies:

<em>«Not only do we have a real regulatory framework for crypto exchanges, but we are also predominantly an English-speaking population, which can use the same tools and applications as the North American or European public with minimal localization. Therefore, we tend to be a launching pad for new American companies looking to expand in the region ».</em>

According to Buenaventura's statements, more than two million Filipinos have been exposed in some way to cryptocurrencies, so the adoption of digital currencies in the country is increasing every day.

This is just one example that it is possible for a government to protect its financial system, regulate the cryptocurrency industry without restricting its development.

The Philippines model is one that other nations can adopt, as they look to create a safe and enabling environment for cryptocurrencies.

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The  Philippines Considered The Most Crypto Friendly Nation In South East Asia

I am olowoporoku adeniyi, writer, editor and crypto evangelist, with five years experience in the Blockchain industry.

The Philippines Considered The Most Crypto Friendly Nation In South East Asia

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