TL;DR Breakdown
• Vietnam wants crypto friendly regulations under the fiat currencies bill.
• The Philippines chooses to trade cryptocurrencies using the PSE.
Regulators in India and China are not the only ones participating in the crypto hunt in 2021. New players such as Vietnam and the Philippines join crypto friendly regulations as the crypto landscape looks promising.
According to the Philippine Stock Exchange announcements, crypto is a digital asset you cannot ignore. But the Prime Minister of Vietnam, Pham Minh Chinh, has asked the central bank to analyze the cryptocurrency market. Chinh wants to run a crypto project that could kick off by the end of the year.
Does Vietnam want low-key crypto regulations?
One perspective both countries share is that cryptocurrencies have proven to be friendly to independent traders and investors. Both Vietnam and the Philippines had seen Bitcoin break standards, and it traded above $64000 in April. Countries in Asia also already know the massive increase in domestic investors.
According to figures, the Philippines and Vietnam have the highest rate of crypto traders worldwide after Nigeria. The Statista Global Consumer Survey reflects that Turkey, Peru, Switzerland, and India occupy the next positions in the list. Last is China, where traders have suffered from many crypto regulations since the beginning of the year.
Vietnam News reports that Minister Chinh has lost the Central Bank of Vietnam to start the pilot program. However, it is unclear what crypto friendly regulations the government is considering.
Central banks in the world, including the Reserve Bank of India, are against cryptocurrencies. But it is a strategy to create their own cryptocurrencies under Blockchain technology. Chinh will try to include a similar project that improves the development under the digital government of Vietnam.
Vietnam’s crypto friendly regulations are going towards the same goal as other countries in Asia. However, these measures can be low-key that do not affect citizens’ crypto ecosystem.
Philippines considering strict crypto regulations
The Philippine stock exchange tries to create a more complex crypto friendly regulation landscape than its allies. The PSE executive director, Ramon Monzon, clarifies that crypto traders must do so through the approved platform if they wish to exchange cryptos. In this way, he suggests that the PSE platform has a safeguard that protects nation’s crypto investors.
Monzon clarifies that while cryptocurrencies can profit the trader, crypto can also cause losses. This is why the PSE expects the country’s Securities and Exchange Commission to show the guidelines on crypto trading. For now, the country’s authorities do not let PSE regulate cryptocurrencies, but that could change with the upcoming SEC authorization.
Although the Philippines and Vietnam want to regulate cryptocurrencies, China or India have a different perspective. At least the crypto market will function under strict rules, unlike in China, where it is now prohibited.
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