Philippine SEC to Partner With Overseas Counterparts
The Philippines’ SEC, Emilio Aquino’s commissioner, has signaled that the regulator is developing regulations designed to regulate cryptocurrency transactions.
Commissioner Aquino indicated the Philippines’ SEC is participating with U.S. and Australian counterparts to develop the regulations. The commissioner has highlighted the protection of investors being the primary mandate of the SEC, saying”we would like to produce our own set of regulations. You’ve got to be really cautious how investors in this new space are safeguarded.”
Although 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 run ICOs, provided that they comply with the regulator’s disclosure and registration requirements Aquino stated”The mindset of the commission has always been to foster innovation, but they need to enroll,” adding”Regrettably, there have been a lot of instances where ICO promoters vanish into thin air. We don’t want it to happen here […] We need to act because first 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 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 dispersed ledger technology (DLT), alluding to the possible reduction in fees that virtual money adoption could offer the approximately 10 million Philippine employees living abroad who are estimated to remit almost $25 billion USD home annually.
Last year, The Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), developed legislation regulating the operation of virtual currency exchanges. Approval has been obtained by two applicants up to now, with the deputy director and head of the BSP’s core information technology specialist group indicating that the central bank was then reviewing 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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