Regulators are taking further steps that could expand the use of virtual currencies, with the Securities and Exchange Commission (BSP) considering allowing their use in raising capital and the Bangko Sentral ng Pilipinas (BSP) looking to allow more exchanges to operate in the country.

“The direction is for us to consider this so-called virtual currencies offerings as possible securities in which case we will apply the Securities Regulation Code,” SEC Commissioner Emilio Aquino said in a news conference on Tuesday.