Philippine SEC to Partner With Overseas Counterparts
The commissioner of The Philippines’ SEC, Emilio Aquino, has signaled that the regulator is developing regulations designed to govern cryptocurrency transactions.
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 want to produce our own set of regulations. You’ve got to be really cautious how investors in this new area are protected.”
Even though the commissioner conceded that the legislation is currently in the”drafting stage,” he expressed 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 the disclosure and registration requirements of the regulatorcasino bitcoin casino review gtbetseu bitcoin casino 1344×689 Aquino stated”The mindset of the commission has always been to foster innovation, but they should register,” adding”Unfortunately, there have been a lot of cases where ICO promoters vanish into thin air. We don’t want it to happen here […] We need to act because initial coin offerings are sprouting.”
The announcement comes after the Philippines’ SEC filed a cease-and-desist order against four companies for violating securities laws associated with the Krops ICO. 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 distributed ledger technology (DLT), alluding to the potential decrease in fees that virtual currency adoption could offer the approximately 10 million Philippine employees living abroad who are estimated to remit almost $25 billion USD home each year.
Last year, The Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), developed laws regulating the operation of digital currency exchanges. Approval has been received by two applicants up to now, with the deputy director and head of the BSP information technology specialist group indicating that the central bank then reviewed 12 applications from 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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