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The Philippine Securities and Exchange Commission (SEC) has indicated that it is currently developing a regulatory framework designed to govern cryptocurrency transactions. The regulator emphasized the need for legislation pertaining to initial coin offerings (ICOs) in particular.
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Philippine SEC to Partner With Overseas Counterparts
The commissioner of The Philippinesâ SEC, Emilio Aquino, has indicated that the regulator is currently developing regulations designed to govern cryptocurrency transactions.
Commissioner Aquino indicated that The Philippinesâ 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 âWe want to come up with our own set of regulations. You have to be extra careful how investors in this new space are protected.â
Although the commissioner conceded that the legislation is currently in the âdrafting stage,â he expressed his expectation that the regulatory framework will be developed âwithin the year.â
ICOs Must Register With Philippine SEC
The Philippinesâ SEC will permit companies to conduct ICOs, provided that they comply with the regulatorâs disclosure and registration requirements.
Mr. Aquino stated âThe mindset of the commission has always been to foster innovation, but they need to register,â adding âUnfortunately, there have been a lot of cases where ICO promoters vanish into thin air. We donât want that to happen here [âŠ] We need to act because initial coin offerings are sprouting.â
The announcement comes several weeks after the Philippinesâ SEC filed a cease-and-desist order against four companies associated with the Krops ICO for violating securities laws. Mr. Aquino indicated that the SEC may choose to lift the order against Krops.
Philippine Regulator to Keep âOpen Mindâ Regarding Cryptocurrencies
Commissioner Aquino stated that The Philippines has sought to keep âan open mindâ regarding cryptocurrencies and distributed ledger technology (DLT), alluding to the potential reduction in fees that virtual currency adoption could offer the approximately 10 million Philippine workers living abroad who are estimated to remit nearly $25 billion USD home each year.
Last year, The Philippinesâ central bank, the Bangko Sentral ng Pilipinas (BSP), developed legislation governing the operation of virtual currency exchanges. Two applicants have received approval so far, with the deputy director and head of the BSPâs core information technology specialist group indicating in December 2017 that the central bank was then reviewing 12 applications from prospective virtual currency exchanges.
What do you make of the Philippine SECâs statements regarding its forthcoming cryptocurrency regulations? Share your thoughts in the comments section below!
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