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 govern transactions that were cryptocurrency.

Commissioner Aquino indicated that 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 want to come up with our own set of regulations. You’ve got to be extra careful how investors in this new space are protected. »

Although the commissioner conceded that the legislation is currently in the »drafting stage, » he voiced his expectation that the regulatory framework will be developed »within the year and »

ICOs Must Register With Philippine SEC

The Philippines’ SEC will permit businesses to conduct ICOs, provided that they comply with registration requirements and the regulator’s disclosure777Coin review Aquino said »The mindset of the commission has always been to foster innovation, but they should register, » adding »Regrettably, there have been a lot of cases where ICO promoters vanish into thin air. We don’t want that to happen here […] We will need to act because initial coin offerings are sprouting. »

The announcement comes several weeks after a cease-and-desist order filed against four companies for violating securities laws associated. Mr. Aquino indicated that the SEC may opt to lift the order against Krops.

Philippine Regulator to Maintain »Open Mind » Regarding Cryptocurrencies

Commissioner Aquino stated that The Philippines has sought to keep »an open mind » regarding cryptocurrencies and distributed ledger technology (DLT), alluding to the possible decrease in fees that virtual money adoption could offer the approximately 10 million Philippine workers living abroad who are estimated to remit nearly $25 billion USD home annually.

This past year, The Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), developed laws regulating the operation of digital currency exchanges. Approval has been obtained by two applicants so far, with head and the deputy director of the BSP information technology specialist team suggesting that the central bank subsequently reviewed 12 applications from prospective digital currency exchanges.

What do you make of the Philippine SEC’s statements regarding its forthcoming cryptocurrency regulations? Share your thoughts in the comments section below!

Pictures courtesy of Shutterstock, Wikipedia

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