Philippine SEC to Partner With Overseas Counterparts
The Philippines’ SEC, Emilio Aquino’s commissioner, has indicated that regulations designed to govern transactions 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 highlighted the protection of investors being the principal mandate of the SEC, stating”we would like to produce our own set of regulations. You have to be really careful how investors in this new area are safeguarded.”
Even though 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 companies to run ICOs, provided that they comply with the disclosure and registration requirements of the regulatorjack and the beanstalk casino game bitcoin bitcoin online casino bonuses 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 instances where ICO promoters vanish into thin air. We don’t want that to happen here […] We will 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, 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 that The Philippines has sought to keep”an open mind” regarding cryptocurrencies and distributed ledger technology (DLT), alluding to the possible reduction in fees that virtual money adoption could offer the roughly 10 million Philippine employees living abroad who are estimated to remit almost $25 billion USD home annually.
This past year, The Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), developed laws governing the operation of digital currency exchanges. Two applicants have obtained approval up to now, with head and the director of the BSP information technology specialist group suggesting in December 2017 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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