Philippine SEC to Partner With Overseas Counterparts
The Philippines’ SEC, Emilio Aquino’s commissioner, has signaled 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 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.”
Although 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 the regulator’s disclosure and registration requirementsnew bitcoin casino no deposit bonus bitcoin casino games 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 lot of cases where ICO promoters vanish into thin air. We don’t want it to happen here […] We need to act because initial coin offerings are sprouting.”
The announcement comes a few weeks after a cease-and-desist order filed against four companies for violating securities laws connected with the Krops ICO. 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 the Philippines has sought to keep”an open mind” regarding cryptocurrencies and distributed ledger technology (DLT), alluding to the possible decrease in fees that virtual money adoption could offer the approximately 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 laws regulating the operation of virtual currency exchanges. Two applicants have received approval up to now, with head and the director of the BSP’s core information technology specialist team indicating 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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