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.
The only way to be able to move forward or economically advance is to accept or adapt changes particularly with technology. The crypto system is now considered to be one of the greatest invention or creation by mankind. And the Philippines, being a third world country need to embrace these kind of technology in order to catch up with this dynamic world. Kudos to the Philippine government for being open in accepting this great system! Yes there are regulations, but I believe these are placed in order to protect the people from any fraudulent acts or activities connected to crypto. A move that I believe is necessary in order to make things secure and legit.