Philippine SEC to Partner With Overseas Counterparts
The commissioner of The Philippines’ SEC, Emilio Aquino, has indicated that the regulator is 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 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 have to be extra cautious how investors in this new space are safeguarded.”
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 companies to run ICOs, provided that they comply with the disclosure and registration requirements of the regulatorETHEREUM SWEEPSTAKES rating Aquino stated”The mindset of the commission has always been to foster innovation, but they should register,” adding”Unfortunately, there have been a good deal of cases 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 after the Philippines’ SEC filed a cease-and-desist order against four companies connected for violating securities laws. Mr. Aquino indicated that the SEC may opt 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 distributed ledger technology (DLT), alluding to the potential reduction in fees that virtual money adoption could offer the roughly 10 million Philippine employees living abroad who are estimated to remit nearly $25 billion USD home annually.
Last year, The Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), developed laws governing the operation of digital currency exchanges. Two applicants have received approval so far, together with the deputy director and head of the BSP information technology specialist group indicating in December 2017 that the central bank was reviewing 12 applications from 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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