Philippine SEC to Partner With Overseas Counterparts
The Philippines’ SEC, Emilio Aquino’s commissioner, has signaled that regulations designed to regulate transactions 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 highlighted 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 safeguarded.”
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”over 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 registration requirements and the operator’s disclosurea href=”https://bitcoincasinoreview.info/777coin-casino-review”>777coin casino no deposit bonus codes 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 instances where ICO promoters vanish into thin air. We don’t want it to happen here […] We will need to act because initial coin offerings are sprouting.”
The announcement comes a few weeks after the Philippines’ SEC filed a cease-and-desist sequence against four companies for violating securities laws associated 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 approximately 10 million Philippine employees 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 head and the director of the BSP information technology specialist team suggesting in December 2017 that the central bank subsequently reviewed 12 applications from 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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