Philippine SEC to Partner With Overseas Counterparts
The Philippines’ SEC, Emilio Aquino’s commissioner, has indicated that the regulator is developing regulations designed to govern transactions.
Commissioner Aquino indicated the Philippines’ SEC is participating 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, saying”we would like to come up with our own set of regulations. You’ve got to be really cautious how investors in this new area are safeguarded.”
Although the commissioner conceded that the legislation is currently in the”drafting stage,” he expressed his expectation that the regulatory framework will be developed”over 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 the regulator’s disclosure and registration requirementsbitcasino site Aquino stated”The mindset of the commission has always been to foster innovation, but they should enroll,” adding”Regrettably, there have been a lot of cases where ICO promoters vanish into thin air. We don’t want that to happen here […] We need to act because first coin offerings are sprouting.”
The announcement comes after a cease-and-desist sequence filed against four companies for violating securities laws connected with the Krops ICO. Mr. Aquino suggested 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 dispersed ledger technology (DLT), alluding to the potential reduction in fees that virtual money adoption could provide the roughly 10 million Philippine workers living abroad who are estimated to remit almost $25 billion USD home annually.
Last year, The Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), developed legislation regulating the operation of digital currency exchanges. Two applicants have received approval up to now, together with head and the director of the BSP’s core information technology specialist group indicating in December 2017 that the central bank was reviewing 12 applications from 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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