The commissioner of the Philippines SEC recently confirmed that they were working on regulations for ICOs and cryptocurrency trading. Thesis fresh rules will create guidelines on the trading and issuance of cryptocurrencies. The Commissioner, Emilion Aquino, expects that the registration will be finalized by the end of the year. He added that the current regulation wasgoed still te the drafting stage.
Wij need to act because initial coin offerings (ICOs) are sprouting especially ter 2018. Wij want to come up with our own set of regulations. You have to be reserve careful how investors te this fresh space are protected.
What will Be Covered?
The budge is going to introduce fresh regulations that will voorkant the cybersecurity aspects of cryptocoin markets. Besides this, they will voorkant the eligibility of those who kwestie ICOs, spil well spil accountability for the technology that will be used, and those who operate it. Additionally, the financial literacy of the investors will be covered.
However, most importantly, the SEC chief says the regulation is intended to ensure investors are safe te terms of fraud. He noted that there had bot many instances te which promoters of ICOs would vanish after collecting funds from investors. He said that he intended to ensure that it did not toebijten te the Philippines.
Mr. Aquino noted that the SEC had yet to punt licenses to any ICO operators. He added that they were ter the process of investigating unlicensed sellers operating te the country. They recently issued a cease-and-desist order against an ICO that wasgoed operating te the country without approval from the authorities.
Mr. Aquino said that the commission had always bot of the mindset to foster innovation ter the financial sector. However, he said that all operators needed, wasgoed to be registered ter the country with the SEC. The SEC wasgoed going to be accommodating of cryptocurrencies te the country.
The Philippines Is Working with Stakeholders to Create the Rules
The Filipino authorities have bot pushing for unified rules on cryptocoins for a while now. The SEC is presently working with Bangko Sentral ng Pilipinas (BSP) to ensure the creation of rules to govern the crypto-coin market ter the country.
According to latest reports, the authorities are mulling permitting ICOs to be suggested spil securities, which is similar to measures taken by authorities te Malaysia, and Hong Kong amongst others. This is fairly different from what authorities ter other places like China are doing. Ter fact, cryptocoin trading ter China has almost bot eradicated. This is also the case for South Korea, where the authorities are programma raunchy measures.
What do you think about this stir by the Philippines SEC? Leave us your thoughts te the comments section below.