Bitcoin prices rose on Wednesday amid reports that the Philippine Securities and Exchange Commission (SEC) is considering allowing crypto currency exchange platforms to operate in the country.

Bitcoin edged up 1.0% to $ 7,353.4 at 11:55 p.m. on the Bitifinex exchange, while Ethereum fell 0.4% to $ 284.69.

Meanwhile, XRP traded at $ 0.33045, down 0.8% in the last 24 hours on Poloniex, while Litecoin rose 1.3% to $ 67.497.

The Manila Times reported that the SEC would work with Bangko Sentral ng Pilipinas, the country's central bank, to arrange exchanges.

Citing SEC Commissioner Ephyro Lius Amatong, the Manila Times reported that the agency is likely to release draft regulations later this month and that they aim to regulate exchanges as a trading platform as soon as possible.

"We see the need to regulate them as a trading platform," Amatong told reporters.

"We have discussed this issue with BSP because BSP is also interested and we are also interested. The discussion ... [involved] supervision of cooperative cooperation on VCE involved in trade, "he said.

In other news, the Japanese Financial Services Agency (FSA) said the country was a currency that was reforming the registration process for crypto exchange.

"The state watchdog has increased the number of questions asked when filtering applications up to about 400 items - up fourfold," the FSA said.

FSA commissioner Toshihide Endo later added that the new regulations were not intended to limit financial innovation in the country, and that supervisors only intended to see the crypto industry "grow under the right regulations."