Philippine SEC to Partner With Overseas Counterparts
The Philippines’ SEC, Emilio Aquino’s commissioner, has signaled that the regulator is currently developing regulations designed to govern cryptocurrency transactions.
Commissioner Aquino indicated 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 primary mandate of the SEC, saying”We want to produce our own set of regulations. You’ve got to be extra careful how investors in this new space are safeguarded.”
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 companies to run ICOs, provided that they comply with registration requirements and the regulator’s disclosurecasino games on mobile betonline.ag bitcoin casino review Aquino said”The mindset of the commission has always been to foster innovation, but they need to enroll,” adding”Regrettably, there have been a good deal 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. Mr. Aquino indicated that the SEC may opt 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 dispersed ledger technology (DLT), alluding to the possible reduction in fees that virtual money adoption could offer the roughly 10 million Philippine workers living abroad who are estimated to remit nearly $25 billion USD home each year.
Last year, The Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), developed legislation regulating the operation of digital currency exchanges. Approval has been received by two applicants up to now, 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 potential 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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