ارزدیجیتال

برچسب: Urges

  • BJP Spokesperson Urges Bitcoin Reserve Pilot for India

    BJP Spokesperson Urges Bitcoin Reserve Pilot for India


    • Bhandari urges Bitcoin reserve pilot to strengthen India’s economy.
    • Bhutan crypto success cited as roadmap for India’s Bitcoin policy.
    • India poised for leadership as global crypto adoption rapidly accelerates.

    Pradeep Bhandari, the national spokesperson for India’s ruling Bharatiya Janata Party (BJP), called for a Bitcoin reserve pilot in India. He believes this would be a strategic and forward-looking move, especially as other nations are already taking action in the crypto space. The proposal explains the increasing global usage of Bitcoin and indicates that India cannot be left behind.

    Bhandari Highlights Bhutan’s Crypto Success as Model for India

    Bhandari sees the creation of a strategic Bitcoin reserve in the United States and the state-driven mining in Bhutan as firm indicators that the world financial system is on the path to digital assets. He said India, with an expanding renewable energy industry, is in a good position to develop its own independent Bitcoin policy. He explained, “This is not a careless switch but a strategic move in the direction of accepting the legitimacy of digital assets.”

    Additionally, he clarified that the case of Bhutan demonstrates how digital assets can assist in the stability of smaller economies. This strategy will boost India’s economic resilience as it grows into a major technological and financial center. However, Bhandari was also aware of all the difficulties that India could encounter, such as severe regulation and the scope of such a national undertaking.

    He observed that Bitcoin is unique, unlike traditional assets. It does not have a central issuer, as stocks or fiat currencies do. No government, bank, or corporation controls it. This is the decentralized aspect that makes Bitcoin strong and attractive. It is valuable because of three main characteristics, which are scarcity, liquidity, and transparency.

    There will be only 21 million Bitcoins. Unlike traditional currencies that governments can print endlessly, Bitcoin has a fixed supply of 21 million coins. This predetermined cap protects it from inflation, offering a built-in scarcity similar to gold. However, unlike gold, Bitcoin can be traded 24/7 across the globe, making it more accessible to investors. Furthermore, while gold often remains stored in vaults or used in jewelry, Bitcoin maintains strong liquidity through constant, active trading.

    Bitcoin Reserve Could Signal India Digital Finance Leadership

    Another major benefit of Bitcoin is its blockchain, a secure and unchangeable digital ledger. The technology makes the system transparent and far more difficult to tamper with than conventional finance, since anyone can verify all transactions.

    Meanwhile, the local crypto market in India is lobbying against a rigorous tax regime on crypto that was enforced last year. Currently, the government taxes crypto profits at 30% and each transaction at 1%. Such high taxation has propelled most of the crypto trading in India overseas. However, India could take a softer approach, partly since the political landscape of the world is also changing, with the likelihood that pro-crypto leaders such as Donald Trump could take power again in the U.S.

    Ultimately, it is a turning point of India. The world is getting behind Bitcoin and India has the infrastructure and human capital to take the lead in this direction. The first step towards creating a balanced, progressive crypto policy might be a pilot project in the form of a Bitcoin reserve. It would be a sign of modernity, a world-grabbing headline, and India could be stronger in the financial sense in the future.



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  • Lawyer Urges SEC: DeFi Projects Should be Exempted from CASP Rules

    Lawyer Urges SEC: DeFi Projects Should be Exempted from CASP Rules


    Disclaimer: This article is for informational purposes only and does not constitute financial advice. BitPinas has no commercial relationship with any mentioned entity unless otherwise stated.

    Atty. Rafael Padilla, the author of the book “Crypto and the Law,” urged the Philippine Securities and Exchange Commission (PH SEC) to exempt decentralized finance (DeFi) protocols and non-custodial wallets from its newly released Crypto Asset Service Provider (CASP) rules.

    Padilla on Why DeFi and Non-Custodial Wallets Should be Exempted

    Speaking during the June 11, 2025, edition of the BitPinas Webcast titled “SEC Final Crypto Rules: What #CryptoPH Needs to Know,” Padilla emphasized that decentralized systems, especially those that are “sufficiently decentralized in substance,” should not fall under the CASP regulatory framework.

    For the crypto lawyer, it is important to push for clearer regulatory exemptions for DeFi systems and wallets, particularly those that do not involve fund custody or intermediaries. He argued that if a platform is genuinely decentralized, it should fall outside the scope of the PH SEC’s CASP rules.

    Padilla pointed out that the way crypto content is presented, such as through product placements, could potentially be considered as touting, depending on its tone and visibility. However, he noted that promotional material centered purely on decentralized tools, like non-custodial wallets, might not attract the same level of regulatory concern.

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    He also acknowledged that the current rules may be interpreted broadly but stressed the importance of proper implementation and enforcement. 

    “Despite how the CASP rules are currently worded, I hope that in terms of enforcement, the SEC will realize this should only apply to crypto asset securities.”

    Atty. Rafael Padilla

    Accordingly, Padilla cited a key precedent from the U.S. involving the case of the U.S. SEC vs. Coinbase. In that case, the U.S. Court of Appeals ruled that Coinbase’s decentralized wallet does not constitute securities brokering and therefore does not require broker registration.

    He pointed to this case as a legal basis for excluding decentralized tools from regulatory requirements.

    Lastly, Padilla also urged the #CryptoPH community to be involved in calling out the PH SEC to exempt DeFi projects.

    “As a community, as an ecosystem, we have to advocate that the decentralized ecosystem should be carved out from this regulation. They should not be treated as CASPs.”

    Atty. Rafael Padilla

    U.S. SEC as Reference

    Padilla also observed a contrast between how the U.S. SEC and the PH SEC interpret similar crypto regulations. Despite having nearly identical regulatory standards, he noted that differences in enforcement and interpretation have emerged, possibly influenced by changes in leadership and administrative direction.

    The crypto lawyer then emphasized that enforcement of the CASP rules in the Philippines should focus specifically on crypto asset securities. He encouraged local regulators to consider both international policy approaches and court rulings, particularly those from the U.S. SEC and judiciary, which increasingly distinguish decentralized systems from custodial service providers.

    “In the Philippines, we do not yet have court rulings on these matters, no decisions from the Court of Appeals or the Supreme Court… But in the U.S., even lower court rulings are publicly reported, and some cases have reached the Court of Appeals.”

    Atty. Rafael Padilla

    Padilla cited the growing legal consensus in the U.S., supported by SEC Commissioners like Hester Peirce, Mark Uyeda, and Chairman Paul Atkins, which holds that crypto assets, in and of themselves, are not securities. This evolving interpretation, he said, should serve as a reference for Philippine regulators moving forward.

    What is with the SEC CASP Rules?

    Under Memorandum Circulars No. 4 and 5, the regulations require CASPs to register as stock corporations, obtain a special license, maintain a physical office, and follow strict marketing, disclosure, and anti-money laundering requirements. 

    Marketing through influencers, events, or social media is also strictly regulated under the new rules, with violations potentially resulting in fines or the revocation of licenses.

    In line with this, Atty. Padilla cautioned that previously published crypto-related social media posts could still breach the SEC’s CASP regulations if they remain publicly viewable, as they may be considered “continuing violations.”

    Check out BitPinas webcasts and articles about the SEC CASP Rules:

    This article is published on BitPinas: Lawyer Urges SEC: DeFi Projects Should be Exempted from CASP Rules

    What else is happening in Crypto Philippines and beyond?



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