Philippines’ Insurance Commission Issues Warning on Cryptocurrencies

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The Department of Finance’s Insurance Commission issued a public warning about cryptocurrency transactions. The public warning is in lieu of the Bangko Sentral ng Pilipinas’ (BSP) and the Securities and Exchange Commission’s (SEC) efforts to remind the public to exercise extreme caution when dealing with cryptocurrencies.

Insurance Commissioner Mr. Dennis B. Funa stated that while the IC recognizes the value of technological advancement, it also recognizes the risks involved in the use of cryptocurrencies. He then advised the public to act wise and be careful in dealing with the digital currency.
“The apparent increase in the demand for cryptocurrencies and its popularity in terms of usage as a medium for payment and remittances worldwide makes cryptocurrencies prone to being used for facilitating illegal activities, such as scams, money laundering, and terrorism financing,” – Insurance Commissioner Mr. Dennis B. Funa

The public warning issued also includes a reminder that cryptocurrencies are not issued or backed by any government and its value depends on the demand of the market. It added that these reasons are what makes cryptocurrencies highly speculative and is not suited for investment.

The Bangko Sentral ng Pilipinas (BSP) does not endorse but issued a formal regulatory approach on virtual currencies in February 2017 about any entity that offers trading of fiat to digital currency and vice versa. With this regulation, BSP does not endorse cryptocurrencies as legal tender, store of value, or as an investment.

With BSP taking its stand, the Securities and Exchange Commission (SEC) also released a list of unregistered cryptocurrency schemes running rampant in the country.

“lndividuals with dealings on cryptocurrencies are highly encouraged to educate themselves on the matter and be updated on the various rules and regulations issued by different government agencies, such as the Bangko Sentralng Pilipinas and the Securities and Exchange Commission” – Insurance Commissioner Mr. Dennis B. Funa

Insurance Commissioner Mr. Dennis B. Funa also added that the commission is keeping an open mind about cryptocurrencies, its innovation, and its usefulness.


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