Philippine SEC to Partner With Overseas Counterparts
The commissioner of The Philippines’ SEC, Emilio Aquino, has signaled that the regulator is developing regulations designed to regulate cryptocurrency transactions.
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 primary mandate of the SEC, stating”We want to produce our own set of regulations. You have to be really careful how investors in this new space are protected.”
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 businesses to conduct ICOs, provided that they comply with the regulator’s disclosure and registration requirements1Xbit Casino app Aquino stated”The mindset of the commission has always been to foster innovation, but they should 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 need to act because first coin offerings are sprouting.”
The announcement comes after the Philippines’ SEC filed a cease-and-desist order against four companies for violating securities laws associated. Mr. Aquino indicated that the SEC may choose to lift the order against Krops.
Philippine Regulator to Maintain”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 offer 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 legislation regulating the operation of virtual currency exchanges. Approval has been received by two applicants up to now, together with the deputy director and head of the BSP information technology specialist group suggesting in December 2017 that the central bank was reviewing 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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