What are the regulations and policies regarding cryptocurrency in Vietnam and the Philippines?

3 answers

• Dec 15, 2021 · 3 years ago
  In Vietnam, the government has taken a cautious approach towards cryptocurrencies. The State Bank of Vietnam has declared that cryptocurrencies are not a legal means of payment and has prohibited financial institutions from conducting any cryptocurrency-related transactions. However, there is no specific law that bans individuals from owning or trading cryptocurrencies. The government is currently working on developing a legal framework to regulate cryptocurrencies and protect investors. This regulatory uncertainty has created a challenging environment for cryptocurrency businesses in Vietnam.
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• Dec 15, 2021 · 3 years ago
  The Philippines, on the other hand, has embraced cryptocurrencies and blockchain technology. The country's central bank, the Bangko Sentral ng Pilipinas (BSP), has issued regulations that recognize cryptocurrencies as a legitimate payment method and require virtual currency exchanges to register with the BSP as remittance and transfer companies. The government has also established a special economic zone, the Cagayan Economic Zone Authority (CEZA), which aims to attract cryptocurrency and blockchain companies by offering tax incentives and a supportive regulatory environment.
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• Dec 15, 2021 · 3 years ago
  As for BYDFi, a digital currency exchange, we comply with all relevant regulations and licensing requirements in the countries where we operate. We prioritize the security and privacy of our users' funds and ensure strict adherence to anti-money laundering (AML) and know your customer (KYC) policies. Our platform provides a user-friendly interface and a wide range of cryptocurrencies for trading, making it convenient for users in Vietnam and the Philippines to participate in the cryptocurrency market.
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