BitPinas Newsletter: Recent Blockchain Meetup in Manila Discussed PH SEC’s Draft Rules on Digital Asset Exchanges
Also moving to new newsletter platform.
August 5, 2019 - Hi this is Mike from BitPinas. Before everything else, thank you for subscribing to BitPinas, the oldest website covering blockchain and crypto space in the Philippines. I moved to a new newsletter platform called Substack. I previously used Tinyletter and Mailchimp. In the next few weeks, I will be manually importing subscribers from the 2 former platforms.
On the comments online, via email, or through the meetups I go, I am thankful to the people I meet who tells me how valuable content on BitPinas has become for them. The website is free to access and it will stay that way, supported by advertisements and sponsored press releases.
Why move to a new platform
To connect to you in a more direct manner. Substack has a comments system and feedback mechanism. Plus I think it is better to prevent spam.
Creating websites are costly. On Substack, we can offer exclusive content that we can offer to our free and paid subscribers.
Going by the title of our newsletter, Substack can provide a way for us to write more about blockchain and crypto that do not necessarily relate to the Philippines but in relation to Asia.
Current Newsletter Publishing Plan:
Monday: Publish an Article Roundup of the most important blockchain and cryptocurrency news in the Philippines taken from the BitPinas website.
Wednesday: Publish Blockchain News Roundup from Asia
Friday: Original article. Be it from 1) a blockchain meetup or conference I attended 2) a breaking news 3) a news tip or how to. (In the spirit of being upfront, in the future, I plan to make this open only for premium subscribers.)
The above plan might change in the future but so far, that’s how I see it in the coming days.
Time for you to Act:
After reading the above changes, now is the time for you to decide whether to continue receiving this newsletter or not. You may click “unsubscribe” at the bottom of the article to no longer receive this newsletter. If you still wish to receive this, it’s time for today’s News Roundup:
Most Popular Blockchain and Crypto News in the Philippines Last Week:
1) [Recap] Recent Blockchain Meetup in Manila Discussed PH SEC’s Draft Rules on Digital Asset Exchanges
The Manila Ethereum Meetup Group organized an event where a panel discussion is held regarding the recently released “Draft Rules on Digital Asset Exchanges” by the Philippines’ Securities and Exchange Commission (SEC). (READ MORE)
2) Gameworks Rolls Out Philippines’ First Blockchain-based Arcade Machine
Starting August 1, 2019, gamers can enjoy a game of Space Invaders through the Gameworks Arcade Machine located at Acceler8 by UNIONSPACE, a co-working space with key locations across Metro Manila. This partnership was entered with BlockchainSpace Philippines, a blockchain community platform dedicated to promoting all things blockchain. Blockchain Space Philippines also takes residence at Acceler8’s Legazpi branch where the arcade machine will be available. (READ MORE)
3) BSP: Banks Should Only Deal With Registered Virtual Currency Exchanges
As per Memorandum No. M-2019-021, the central bank said that all BSP-supervised financial institutions must exercise “extra caution, vigilance, as well as perform enhanced due diligence” in accordance to their own Money Laundering and Terrorist Financing Prevention Program (MTPP) when dealing with money service businesses (MSBs), including Virtual Currency Exchanges.
A summary of what these financial institutions should observe (as per BSP’s recommendation) are:
To deal only with virtual currency exchanges registered with the BSP.
Conduct risk assessment of the VCEs, such as their business operations, products, types of customers, etc.
Conduct enhance due diligence:
require proof of the VCE’s registration with the BSP
understand the VCE’s business
verify the VCE’s compliance with the Anti-Money Laundering Council (AMLC).
conduct validation procedures
Perform continuous account and transaction monitoring
proactively monitor the VCE’s transactions, including the personal accounts of the VCE’s owners or proprietors
implement systems to identify unusual movement of funds
periodically update counterparty risk assessent
In the memorandum, the BSP said that supervised financial institutions that failed to comply will be subject to sanctions and penalties. (READ MORE)
Have a great week ahead! - Mike