Philippine SEC to Partner With Overseas Counterparts
The Philippines’ SEC, Emilio Aquino’s commissioner, has signaled that regulations designed to govern transactions that were cryptocurrency 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 emphasized the protection of investors being the primary mandate of the SEC, stating”we would like to produce our own set of regulations. You have to be extra cautious how investors in this new space 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”within 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 disclosurebitcoin casino no deposit bonus 2017 bitcoin casino usa code Aquino said”The mindset of the commission has always been to foster innovation, but they need to enroll,” adding”Regrettably, 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 first coin offerings are sprouting.”
The announcement comes several weeks after a cease-and-desist sequence filed against four companies for violating securities laws connected. Mr. Aquino indicated that the SEC may opt 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 dispersed ledger technology (DLT), alluding to the potential decrease in fees that virtual currency adoption could provide the approximately 10 million Philippine workers living abroad who are estimated to remit nearly $25 billion USD home each year.
This past year, The Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), developed legislation governing the operation of digital currency exchanges. Approval has been obtained by two applicants so far, together with head and the deputy director of the BSP information technology specialist team indicating in December 2017 that the central bank then reviewed 12 applications from virtual 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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