Consensys Survey: 51% of Pinoys Say Crypto Must be Regulated

Learn about the key insights from a recent survey by ConsenSys, showing that 51% of Filipinos believe robust regulations are necessary for cryptocurrencies.

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  • ConsenSys’ survey reveals that 51% of Filipinos believe robust regulations are necessary to protect investors and safeguard traditional financial markets.
  • 34% of respondents emphasize the importance of regulators establishing regulations that promote responsible engagement in cryptocurrencies while protecting investors.
  • Despite the absence of specific legislation, the Philippines has regulations in place to monitor and oversee the cryptocurrency landscape, including the Virtual Asset Service Providers (VASP) license and the Securities and Regulation Code (SRC).

Ethereum firm ConsenSys’ recent survey revealed that 51 percent of Filipinos believe that it is crucial to implement robust regulations for cryptocurrencies to safeguard traditional financial markets and protect investors.

Opinion on Crypto and Regulation

The survey, collected online by the international research data and analytics technology group, YouGov, inquired the opinions of Philippine residents aged between 18 and 65 years old regarding their view on crypto regulation.

Aside from the majority of the surveyed stating that crypto should be regulated, 34% of them stress on the importance of the role of regulators must establish regulations that promote responsible engagement in cryptocurrencies while ensuring investor protection.

On the other hand, 5% of the respondents stated otherwise, noting that regulators need to avoid regulating cryptocurrency and let the industry self-regulate. In addition, the remaining 11% simply answered they “don’t know”. 

Other Opinion on Crypto

According to Consensys, the survey results show that almost half of the respondents (47%) view cryptocurrencies as the future of money. Furthermore, 38% of respondents consider cryptocurrencies as a notable alternative to the traditional financial ecosystem. The concept of digital ownership’s future is also recognized, with 35% of respondents acknowledging its significance.

“A majority of the population (52%) believe crypto is an environmentally friendly technology,” the analysis stated; other opinions states that crypto is not an environmentally friendly technology and it will never be (9%), crypto is not an environmentally friendly technology but it’s getting better (17%) and 22% answered “I don’t know.”

Read other survey results:

Crypto Regulation in PH

In the Philippines, despite the absence of specific legislation for cryptocurrency regulation, various rules and regulations are already in place to monitor and oversee the cryptocurrency landscape.

These regulations include the Bangko Sentral ng Pilipinas’  Virtual Asset Service Providers (VASP) license which allows entities to legally facilitate the exchange and custody between virtual assets and fiat currency. The Securities and Regulation Code (SRC) of the Securities and Exchange Commission (SEC) is also being utilized; the code grants the Commission the authority and responsibilities to oversee and regulate exchanges, clearing agencies, and self-regulatory organizations (SROs). 

Last year, the central bank and the SEC both urged the lawmakers to draft legislation that specifically addresses digital assets, including cryptocurrencies and non-fungible tokens (NFTs). 

Last March, SEC Commissioner Kelvin Lester Lee revealed that the Commission has already drafted a regulatory framework for crypto in the country–postponed due to the  FTX collapse. Currently, there is still no news about the release of the regulations.

In May, Financial Stability Board (FSB) Chairman Klaas Knot announced that his team will be developing a worldwide regulatory framework for crypto assets. The objective is to offer guidance for relevant entities by leveraging standard-setting bodies in banking, insurance, and securities regulations.

This article is published on BitPinas: Consensys Survey: 51% of Pinoys Say Crypto Must be Regulated

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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