Philippine SEC to Partner With Overseas Counterparts
The Philippines’ SEC, Emilio Aquino’s commissioner, has signaled that regulations designed to govern transactions are being currently developed by the regulator.
Commissioner Aquino indicated 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, saying”We want to come up with our own set of regulations. You have to be really cautious how investors in this new area are protected.”
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 bitcoincasinoreview.info.”
ICOs Must Register With Philippine SEC
The Philippines’ SEC will permit businesses to run ICOs, provided that they comply with registration requirements and the operator’s disclosureCloudBet review Aquino stated”The mindset of the commission has always been to foster innovation, but they should enroll,” adding”Regrettably, there have been a good deal of cases where ICO promoters vanish into thin air. We don’t want that to happen here […] We will need to act because first coin offerings are sprouting.”
The announcement comes several weeks after the Philippines’ SEC filed a cease-and-desist order against four companies for violating securities laws connected with the Krops ICO. Mr. Aquino indicated that the SEC may choose 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 reduction in fees that virtual currency adoption could offer the roughly 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 digital currency exchanges. Two applicants have received approval up to now, with head and the deputy director of the BSP information technology specialist group suggesting in December 2017 that the central bank was subsequently reviewing 12 applications from potential 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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Source: bitcoincasinoreview.net
