Everyone seems to be talking about it, but not many have a clear understanding of what it is and how it works.
I’m talking about blockchain, the technology that digital currency, cryptocurrency and Bitcoin are built on.
Meanwhile, various industries are using blockchain as the basis for smart contracts or self-executing digital contracts written in code. Blockchain’s use and industry applications have grown far outside its original cryptocurrency application to also include cybersecurity, internet of things, and non-fungible tokens or NFTs which are digital assets representing real-world objects and are bought, sold and traded online.
At the SEC, our approach has always been to balance regulating blockchain and digital asset services providers so as not to hamper innovation but make sure that investors are sufficiently protected. Blockchain can also be utilized to securitize or fractionalize high value assets that would otherwise be unaffordable for retail investors. Therefore, it can be a transformative technology that can enhance economic activity.
The BSP currently has its Virtual Asset Service Provider circular which regulates cryptocurrency platforms in the Philippines. The SEC will soon release its Digital Asset Offering Rules and its Digital Asset Securities Service Providers/Digital Asset Exchange Rules which will govern the regulation of cryptocurrencies which are securities and the platforms that trade them in the country.
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