I am proud to tell all the members here my country the Philippines is the first to adapt and accept cryptocurrency being regulated by the government. As we all know that Philippines is greatly influenced by USA and that see something that USA has done on the cryptocurrency and quickly embrace cryptocurrency. The idea is to give license for local exchange to operate and in return clients doing crypto and fiat exchange should do one time intensive KYC that inludes linking facebook and collecting I.D even asking for billing address as to get a good cash in and cash out process. THe intensified KYC will determine the amount that you will going to exchange. Aside from that those ICO project should be registered in AMLA a government department concern on money laundering law. So this will cater and regulate possible abusive form in the use of cryptocurrency.
Well, I think it is not only good for the Phillipines or the Filipino people but also good for the whole Bitcoin and cryptocurrency as a whole. I can see that local exchange supported Bitcoin and Ethereum and everyone can use it to buy game credits, prepaid loads, pay bills, buying goods online and many more. Cryptocurrency is getting bigger and the local Bitcoin community will be increasing too. I think you need to revise the title OP because it is misleading as I think Japan is the first country to regulate, accept and legalize Bitcoin in Asia.