Amid the proliferation of digital assets, a bill is being proposed which seeks to regulate such asset, like cryptocurrency and e-money, in order to improve oversight as well as uphold consumer protection, which is gathering the backing of relevant bodies in the trade.
Per Senate Bill No. 184 or the Digital Asset Act of 2022, as repetitioned by Senator Maria Imelda Josefa “Imee” R. Marcos on July 7, enterprises and operators dealing with digital assets would be required registration before operating in the business.
In support of the proposed bill are the Bangko Sentral ng Pilipinas (BSP) as well as the Security and Exchanges Commission (SEC).
During the bill’s explanatory note, Sen. Imee Marcos said that the bill’s purpose is to “recognize but not regulate digital assets by defining what digital assets are”. Additionally, she also mentions of “standardizing the process for the licensing and operation of e-money, virtual asset exchanges, and virtual asset businesses.”
Pointing to the root of the problem, the senator said that the amalgamation of lack of legislation, centralization, and anonymity of transactions make the schemes a potential device for fraud and illicit dealings.
She echoes what seems to be a sentiment all over the world, which highlights the risk and dangers that are inherent in today’s digital asset transactions.