Philippine SEC to Partner With Overseas Counterparts
The Philippines’ SEC, Emilio Aquino’s commissioner, has indicated that regulations designed to regulate transactions that were cryptocurrency are being currently developed by the regulator.
Commissioner Aquino indicated that The Philippines’ SEC is participating 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”We want to come up with our own set of regulations. You’ve got to be extra cautious how investors in this new space are protected.”
Although 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 businesses to run ICOs, provided that they comply with registration requirements and the operator’s disclosurebitcoin casino instant deposit bitcoin wallet ignition casino Aquino said”The mindset of the commission has always been to foster innovation, but they need to register,” adding”Unfortunately, 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 initial coin offerings are sprouting.”
The announcement comes after the Philippines’ SEC filed a cease-and-desist sequence against four companies for violating securities laws connected. 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 possible 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 laws governing the operation of virtual currency exchanges. Approval has been obtained by two applicants up to now, with head and the deputy director of the BSP information technology specialist group suggesting that the central bank then reviewed 12 applications from potential 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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