Philippine SEC to Partner With Overseas Counterparts
The commissioner of The Philippines’ SEC, Emilio Aquino, has indicated that the regulator is currently developing regulations designed to govern transactions that were cryptocurrency.
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 have to be really careful how investors in this new area are protected.”
Even though the commissioner conceded that the legislation is now in the”drafting stage,” he voiced 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 conduct ICOs, provided that they comply with the disclosure and registration requirements of the regulatorBitcoincasino.us rating Aquino stated”The mindset of the commission has always been to foster innovation, but they should register,” adding”Unfortunately, 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 several weeks after the Philippines’ SEC filed a cease-and-desist order 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 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 potential decrease 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 annually.
This past year, The Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), developed legislation regulating the operation of digital currency exchanges. Two applicants have obtained approval so far, together with the deputy director and head of the BSP information technology specialist team suggesting that the central bank subsequently reviewed 12 applications from prospective 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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