septiembre 29, 2017 | Posted in:Blog

Philippine SEC to Partner With Overseas Counterparts

The Philippines’ SEC, Emilio Aquino’s commissioner, has indicated that the regulator is currently 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 primary mandate of the SEC, stating»we would like to produce our own set of regulations. You’ve got to be extra careful how investors in this new space are safeguarded.»

Even though the commissioner conceded that the legislation is now 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 the operator’s disclosure and registration requirementsETHEREUM SWEEPSTAKE review Aquino said»The mindset of the commission has always been to foster innovation, but they should enroll,» 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 several weeks after a cease-and-desist order filed against four companies for violating securities laws, connected with the Krops ICO. 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 the Philippines has sought to keep»an open mind» regarding cryptocurrencies and dispersed ledger technology (DLT), alluding to the potential decrease in fees that virtual currency adoption could offer the roughly 10 million Philippine workers living abroad who are estimated to remit almost $25 billion USD home annually.

This past year, The Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), developed laws regulating the operation of virtual currency exchanges. Two applicants have received approval so far, together with the director and head of the BSP’s core information technology specialist team suggesting that the central bank was subsequently 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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