Philippine SEC to Partner With Overseas Counterparts
The Philippines’ SEC, Emilio Aquino’s commissioner, has signaled that regulations designed to regulate transactions that were cryptocurrency are being currently developed by the regulator.
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, saying”We want to come up with our own set of regulations. You’ve got to be extra careful how investors in this new space are protected.”
Even though the commissioner conceded that the legislation is now 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 companies to run ICOs, provided that they comply with the regulator’s disclosure and registration requirementsbitcoin casino us players best bitcoin casino instant payout Aquino stated”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 instances 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. Mr. Aquino suggested 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 distributed ledger technology (DLT), alluding to the possible decrease in fees that virtual money adoption could provide the roughly 10 million Philippine employees living abroad who are estimated to remit nearly $25 billion USD home annually.
Last year, The Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), developed legislation governing the operation of virtual currency exchanges. Approval has been received by two applicants up to now, with head and the director of the BSP’s core information technology specialist group indicating in December 2017 that the central bank subsequently 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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