Fintech laws, cryptocurrency regulations should not be rushed, claims Filipino Senator

Recently, news of selling cryptocurrencies for cash in the Philippines gathered a lot of attention after Abra, an investment service provider, announced the sale of digital assets across all 7-Eleven stores in the country. In yet another development from the Philippines market, Senator Grace Poe has stated that local law enforcement authorities must not take fast-track route for passing fintech-related regulations.

With the increasing popularity of digital assets in the country, lawmakers are considering imposing proper measures in order to safeguard their countrymen from getting victimized by scammers Many Senators, including Poe, are advising authorities to effectively study the pros and cons of this new technology, so that an efficient framework can be laid out beforehand.

Clearing the air on the growing fintech industry, Poe said,

“It’s a very complicated matter. In fact, lawmakers should really not rush into drafting a law regarding this. We still have to learn a lot of things, particularly when it comes to financial technology and digital assets. To most of our countrymen, this is alien to them, but in fact some of them have been availing of it through online lending. And without the proper information and education, a lot of them are actually victimized.”

In order to handle the same, Bangko Sentral ng Pilipinas [BSP] and the U.S. Securities and Exchange Commission [SEC] have joined hands to regularly discuss fintech related laws and regulations. This is seen by many as a crucial step towards the growth of the cryptocurrency market in the country as it will help the Philippines’ authorities rectify associated issues in the near future. The development comes weeks after the country’s Central Bank announced that it was observing the crypto-market, citing concerns that cryptocurrencies may be used to fund terrorism.