The Philippines’ senator considers stricter Crypto related Crimes penalties. As per the remarks of Philippine Senator, the measures will look into adapting the national criminal justice system to what they consider to be a new type of crime.
15 March, AtoZForex – The senator of Philippines, Leila de Lima has filed a bill to establish stricter penalties for cryptocurrency-related crimes across the country. The decision of the government’s official has been caused by the complexity of the investigation process.
The Philippines considers stricter Crypto related Crimes Penalties
As per the Senate Bill No. 1694, all crimes mentioned in the Revised Penal Code (RPS) would bring upon themselves a penalty one degree higher than the usual in case the crime is related to the use of cryptocurrency. Furthermore, De Lima has suggested that a seizure of cryptocurrency used in the illicit activity. This would be done unless the cryptos came from a guiltless party. De Lima stated in the press release:
“Due to its anonymous or pseudonymous character, law enforcement agencies may encounter difficulty in tracing the user or owner of a virtual currency used in the commission of crimes, thereby necessitating a higher penalty for its use.”
As per the remarks of Philippine Senator, the measures will look into adapting the national criminal justice system to what they consider to be a new type of crime. This would be done in order to fight more frequent cases of illicit activity that involve cryptocurrency. These can include fake Bitcoin selling, cryptocurrency corruption, money laundering and terrorist financing. De Lima has also mentioned the usage of cryptocurrency as payment for illegal products.
Philippines Crypto Regulations
Following on this, De Lima has stated:
“Since virtual currency resembles money, the possibilities are endless.”
Presently, the central bank of Philippines, Bangko Sentral ng Pilipinas (BSP), consider s cryptocurrency to be “any type of digital unit that is used as a medium of exchange or a form of digitally stored value created by agreement within the community of virtual currency users.”
Earlier last February, the central bank has ruled out the Bitcoin can be a legal payment method. The officials have highlighted that the decision does not signal the official endorsement of Bitcoin or the status of a legal tender.
Then, in November 2017, the financial regulator of the country, the Philippine Securities and Exchange Commission (SEC) has stated it intends to consider cryptocurrencies as securities.
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