Make BSP Apple Pay Exemption Work for Web3 so Regulatory Dem Go Consistent
Di Bangko Sentral ng Pilipinas (BSP) don set one precedent for regulation quiet-quiet. Dem allow Apple Pay and Google Pay to run without make dem register as Operators of Payment Systems (OPS), because dem no dey hold or process user money. Dis case show one main principle: platforms wey just help make transactions without carrying money for pocket suppose get small small regulation. But for Securities and Exchange Commission’s (SEC) Crypto Asset Service Provider (CASP) rules, non-custodial Web3 wallets and DeFi tools suppose register, get ₱100 million capital, get local presence, plus submit plenty documents. Dis kind regulation no match well well; e dey choke innovation and dey put plenty unnecessary cost for small risk providers. SEC get exemption way fit help, but e suppose dey clear, easy to find and consistent. If dem want real regulatory consistency, policymakers for Philippines suppose mark clear line between holding money and just access, make dem use technology-neutral rules wey go protect consumers without stop Web3 growth. If dem take BSP way to non-custodial crypto services, Philippines fit boost competition, attract investment, and cement im leadership for digital economy.
Bullish
Clear, technology-neutral regulation dey reduce uncertainty, lower entry barriers, and show say government dey support innovation. If SEC rules align wit BSP’s non-custodial exemption, Philippines fit attract more DeFi projects and wallet providers. History don show say when regulators give clear rules for places like Switzerland and Singapore, e lead to capital inflows and growth for ecosystem. Better legal certainty usually boost market confidence, and e encourage short-term trading and long-term investment for local Web3 ventures.