Philippine SEC to Partner With Overseas Counterparts

The Philippines’ SEC, Emilio Aquino’s commissioner, has signaled that the regulator is currently developing regulations designed to govern 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 emphasized the protection of investors being the principal mandate of the SEC, saying »we would like to produce our own set of regulations. You have to be extra cautious how investors in this new space are protected. »

Even though the commissioner conceded that the legislation is currently in the »drafting stage, » he expressed his expectation that the regulatory framework will be developed »over the year and »

ICOs Must Register With Philippine SEC

The Philippines’ SEC will permit companies to conduct ICOs, provided that they comply with registration requirements and the regulator’s disclosureare bitcoin casino apps legal free no deposit bitcoin casino bonus Aquino stated »The mindset of the commission has always been to foster innovation, but they should register, » adding »Unfortunately, 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 a cease-and-desist sequence filed against four companies for violating securities laws, connected. 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 dispersed ledger technology (DLT), alluding to the possible reduction in fees that virtual currency adoption could offer the approximately 10 million Philippine employees living abroad who are estimated to remit nearly $25 billion USD home each year.

This past year, The Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), developed laws governing the operation of digital currency exchanges. Approval has been received by two applicants so far, together with head and the deputy director of the BSP’s core information technology specialist group indicating in December 2017 that the central bank subsequently reviewed 12 applications from prospective 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!

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