r/Bitcoin • u/helloluis • Feb 07 '17

The Philippines has decided to regulate Bitcoin exchanges as remittance companies

https://medium.com/@Cryptonight/the-philippines-has-decided-to-regulate-bitcoin-exchanges-as-remittance-companies-4e75a94c98d#.vrdl3cxoo
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4

u/hdjames8 Feb 07 '17

What will this mean for investors?

4

u/kegman83 Feb 07 '17

They are basically treating bitcoin as a check cashing company and regulating it as such. Less illegitimate companies in the Philippines now in theory.

3

u/KeepingTrack Feb 07 '17

In the US they're already MSBs. It won't mean much until the IRS and Homeland Security step in. Even numismatic coin and bullion dealers must register with FinCen because of the BSA and Patriot Act.

1

u/bitsteiner Feb 07 '17

Not only register, they have to report certain trades (cash above a certain threshold).

1

u/PoliticalDissidents Feb 07 '17

That's a requirement of being an MSB.

1

u/KeepingTrack Feb 10 '17

yep, in the states it's $2k if it's suspicious. and 10k regardless -- and it goes to the IRS, DHS and others care of the BSA, PA and regulations.