The International Decentralized Association of Cryptocurrency and Blockchain (IDACB) will provide the Bangko Sentral ng Pilipinas (BSP) with information on regulations about blockchain technology from the government of the 87 countries united by the association.
IDACB’s International Secretary, Mr. Maxim Chereshnev sat down with Mr. Melchor Plabasan, Deputy Director of BSP’s Core IT Specialist Group at BSP’s central office in Manila. It was decided that IDACB will provide BSP first-hand legislation information about blockchain technology to help develop a legal framework for blockchain implementation.
In addition, the association also added that it will explore ways to continue its cooperation with the Philippines. In return, the members of IDACB are given an opportunity to freely apply for licenses given by the BSP.
BSP is keeping an open mind about cryptos and blockchain and is trying its best to keep cryptocurrency regulated to protect the Filipino public. On February 6, 2017, the agency released Circular No. 944, a regulatory framework for cryptocurrency exchanges in the country. This is the first step in regulating local exchanges.
The BSP is also working with the Securities and Exchange Commission (SEC) about the licensing of ICOs and crypto exchanges.
IDACB is a non-profit organization that aims to connect various officials from different countries to work and create an international legislation on cryptocurrencies and blockchain. It currently has 87 countries as members and an additional 50 more is expected before the end of the year.