After the adoption of the regulatory act on the crypto-currency industry earlier this year, the Philippine authorities are considering the following steps to increase the use of digital currencies, such as bitcoin, in the country.

At a press conference this week, a member of the State Securities and Stock Market Commission (SEC) Emilio Aquino said that this body intends to treat crypto-currencies as securities and, accordingly, to regulate them.

"We are aimed at recognizing the so-called offers of virtual currencies with securities regulated by the Securities Act," Akino said..

According to the official, the increased excitement and growing popularity of primary placements of coins forced the authorities to establish new rules for consumer protection.

He also added:.

It can be seen from social networks that some offers are primary coin placement, the most popular of which is undoubtedly Bitcoin and Ethereum ... but some new offers can be considered securities.

Aquino also added that the SEC takes into account the current regulations adopted by their counterparts in the US, Malaysia, Hong Kong and Thailand.

In addition, the official reported on the negotiations between the SEC and Bangko Sentral ng Pilipinas BSP (Central Bank of the Philippines) regarding the approval and licensing of crypto-exchange exchanges in the country. According to Aquino, five or six companies are "already registered and approved" by the central bank, and their services are still limited to transferring incoming payments to Filipinos working abroad. Money transfers in crypto currency are cheaper and faster than traditional bank transfers or new payment platforms, such as PayPal or Western Union.

On Tuesday, in a separate statement, BSP chairman Nestor Espenilla Jr. said that the central bank uses an "open-minded approach" to financial technologies like bitcoin, and recalled that BSP recently registered two crypto-exchange exchanges. He also added that now several other stock exchanges are being evaluated, after the adoption of the normative act that came into force in February this year.

Last month, Deputy Central Bank Director Melhor Plubasan defined the regulatory framework as "innovative regulation". He also came to the conclusion that bitcoin is both a monetary and investment instrument, the risks of which can be managed.

"If you need something fast and convenient, working almost in real time, then it makes sense to use digital currencies like bitcoin," added the head of the central bank.