Philippine SEC to Partner With Overseas Counterparts
The commissioner of The Philippines’ SEC, Emilio Aquino, has signaled that the regulator is currently developing regulations designed to regulate transactions.
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, stating”we would like to produce our own set of regulations. You have to be extra careful 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 Fortune jack bitcoincasinoreview.net.”
ICOs Must Register With Philippine SEC
The Philippines’ SEC will permit businesses to conduct ICOs, provided that they comply with registration requirements and the operator’s disclosure.
Mr. Aquino said”The mindset of the commission has always been to foster innovation, but they need to enroll,” adding”Regrettably, there have been a good deal of cases where ICO promoters vanish into thin air. We don’t want it to happen here […] We will need to act because first coin offerings are sprouting.”
The announcement comes a few weeks after a cease-and-desist sequence filed 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 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 money adoption could offer the approximately 10 million Philippine employees living abroad who are estimated to remit almost $25 billion USD home each year.
This past year, The Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), developed legislation regulating the operation of virtual 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 the central bank was subsequently reviewing 12 applications from potential digital 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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