Bill submitted to Increase the Penalty for growing Crimes due to Cryptocurrency
An opposition member of the Senate in the Philippines, Leila M. de Lima, submitted a bill that would increase the punishment for “crimes involving cryptocurrencies, notably bitcoins.” The reason for filing this bill was to address that the law enforcement tracks the ownership of virtual currency even though it inhibits an anonymous or pseudonymous character.
The press release by the Revised Penal Code, SB1694 announced on March 13 relates to bill for the crimes committed “through and with the use of virtual currency, will have a penalty that is one degree higher than what is provided for.”
The penalty will be determined based on the value of the cryptocurrency depending on the token’s exchange rate with the Philippine peso when the criminal acts take place. The legislation stated that it would also seize any cryptocurrency found to be used for the commission of a crime.
According to the press release, the use of cryptocurrency also would lead to financial frauds luring purchase of fake bitcoins, child pornography, the bribing of public officials, money laundering, and terrorist financing.
The Commissioner of the Philippines Securities stated in November 2017 that it plans to classify digital assets issued in ICOs as securities. By the following January, it affirmed the same. The central bank of Philippines has granted licenses to several cryptocurrency exchanges.