Philippine Senator Leila de Lima has filed a invoice to impose stricter consequences for cryptocurrency-related crimes, because of the complexity of the investigation procedure, in line with a press unlock from the Philippine Senate printed Tuesday, March 13.
According to Senate Bill (SB) No. 1694, all crimes described through the Revised Penal Code (RPC) would incur a penalty one level upper than same old if the crime concerned using “virtual currency”. De Lima additional steered a seizure of cryptocurrency utilized in criminality, until it got here from a guiltless celebration. De Lima mentioned within the press unlock:
“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.”
According to De Lima, the measures goal to evolve the federal government’s prison justice device to what they see as a brand new form of crime with a purpose to struggle extra widespread circumstances of criminality involving cryptocurrency. Among the ones, De Lima indexed faux Bitcoin promoting, cryptocurrency corruption, the use of digital foreign money price range as fee for unlawful merchandise, cash laundering, and terrorist financing.
“Since virtual currency resembles money, the possibilities are endless,” the Senator claimed.
Currently the Philippine central financial institution, Bangko Sentral ng Pilipinas (BSP), defines cryptocurrency as “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,” in line with the senate’s put up.
In February 2017, BSP known Bitcoin (BTC) as a felony fee approach, stressing that the verdict does now not represent an legitimate endorsement through the Philippine executive or standing as felony mushy, as Bitcoin isn’t issued through the central financial institution. Later in November 2017, the Philippine Securities and Exchange Commission (SEC) introduced its plans to imagine cryptocurrencies as securities.