Philippine SEC to Partner With Overseas Counterparts
The commissioner of The Philippines’ SEC, Emilio Aquino, has indicated that regulations designed to govern transactions that were cryptocurrency are being currently developed by the regulator.
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, stating”We want to come up with our own set of regulations. You’ve got to be extra careful how investors in this new area are safeguarded.”
Even though the commissioner conceded that the legislation is now in the”drafting stage,” he voiced his expectation that the regulatory framework will be developed”within the year and bitcoincasinoreview.info.”
ICOs Must Register With Philippine SEC
The Philippines’ SEC will permit businesses to conduct ICOs, provided that they comply with registration requirements and the operator’s disclosure7Bit Casino casino Aquino said”The mindset of the commission has always been to foster innovation, but they need to register,” adding”Unfortunately, there have been a good deal of cases where ICO promoters vanish into thin air. We don’t want that to happen here […] We need to act because first coin offerings are sprouting.”
The announcement comes a few weeks after the Philippines’ SEC filed a cease-and-desist order against four companies for violating securities laws, connected. 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 that The Philippines has sought to keep”an open mind” regarding cryptocurrencies and distributed ledger technology (DLT), alluding to the possible reduction in fees that virtual currency adoption could provide 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 governing the operation of digital currency exchanges. Two applicants have received approval so far, with head and the director of the BSP information technology specialist group indicating that the central bank was reviewing 12 applications from prospective 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!
Images courtesy of Shutterstock, Wikipedia
Need to calculate your bitcoin holdings? Check our tools section.