I think in North America they are acting tough on it however in the end they keep giving in.  I think the powers that be want this digital currency to replace the dying fiat. 

It's a gateway to the skeptics to have an assurance that it is approved by the government. And once the government gets involved, they have also their aim.

Philippines Regulator Aims to Make $67 Million From Crypto Exchange Licensing

Unlike many people, I believe regulations are good for Bitcoin and crypto. I understand it'll bring more stability and trust. The value, most probably, will go down and it'll cease to be that lucrative, but it's okay. You can't have both, so you'll have to choose between the profitability and stability.

Glad that the Philippines is moving forward with cryptos and ICO. Unlike other asian countries which choose to against this technology, at least the government is very friendly and they could potentially be a blockchain industry hub. It will push Philippines on the map of project teams and we might hear one day that a startup company has chooses the Philippines as their headquarter. Let's see how it pans out.