septiembre 22, 2017 | Posted in:Blog

Philippine SEC to Partner With Overseas Counterparts

The Philippines’ SEC, Emilio Aquino’s commissioner, has signaled that regulations designed to regulate 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 emphasized the protection of investors being the principal mandate of the SEC, saying»We want to produce our own set of regulations. You have to be extra cautious how investors in this new space 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

ICOs Must Register With Philippine SEC

The Philippines’ SEC will permit companies to conduct ICOs, provided that they comply with the disclosure and registration requirements of the regulatorinvest in bitcoin casino reddit bitcoin casino us players Aquino said»The mindset of the commission has always been to foster innovation, but they should register,» adding»Regrettably, there have been a good deal of instances 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 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 distributed ledger technology (DLT), alluding to the possible decrease in fees that virtual currency adoption could offer the roughly 10 million Philippine employees 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 legislation governing the operation of digital currency exchanges. Two applicants have obtained approval up to now, with head and the director of the BSP’s core information technology specialist team suggesting in December 2017 that the central bank was reviewing 12 applications from potential virtual 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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