Philippine SEC to Partner With Overseas Counterparts
The commissioner of The Philippines' SEC, Emilio Aquino, has signaled that the regulator is developing regulations designed to regulate transactions that were cryptocurrency.
Commissioner Aquino indicated the Philippines' SEC is engaging with U.S. and Australian counterparts to develop the regulations. The commissioner has highlighted the protection of investors being the principal mandate of the SEC, saying"we would like to come up with our own set of regulations. You've got to be really careful how investors in this new area are safeguarded."
Although the commissioner conceded that the legislation is currently in the"drafting stage," he voiced his expectation that the regulatory framework will be developed"over the year and bitcoincasinoreview.info."
ICOs Must Register With Philippine SEC
The Philippines' SEC will permit companies to conduct ICOs, provided that they comply with the operator's disclosure and registration requirementsignition casino bitcoin from exchange bitcoin casino free faucet Aquino said"The mindset of the commission has always been to foster innovation, but they need to enroll," adding"Regrettably, there have been a lot of cases where ICO promoters vanish into thin air. We don't want it to happen here [...] We need to act because initial coin offerings are sprouting."
The announcement comes a few weeks after the Philippines' SEC filed a cease-and-desist sequence against four companies connected with the Krops ICO for violating securities laws. Mr. Aquino suggested that the SEC may choose to lift the order against Krops.
Philippine Regulator to Keep"Open Mind" Regarding Cryptocurrencies
Commissioner Aquino stated the Philippines has sought to keep"an open mind" regarding cryptocurrencies and dispersed ledger technology (DLT), alluding to the potential reduction in fees that virtual currency adoption could provide the roughly 10 million Philippine workers living abroad who are estimated to remit nearly $25 billion USD home annually.
Last year, The Philippines' central bank, the Bangko Sentral ng Pilipinas (BSP), developed laws regulating the operation of digital currency exchanges. Approval has been received by two applicants so far, together with the director and head of the BSP's core information technology specialist team indicating in December 2017 that the central bank was then reviewing 12 applications from potential digital currency exchanges.
What do you make of the Philippine SEC's statements concerning its forthcoming cryptocurrency regulations? Share your thoughts in the comments section below!
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