Philippine SEC to Partner With Overseas Counterparts
The Philippines’ SEC, Emilio Aquino’s commissioner, has indicated that regulations designed to govern transactions that were cryptocurrency are being currently developed by the regulator.
Commissioner Aquino indicated that 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 would like to produce our own set of regulations. You’ve got to be extra cautious how investors in this new area 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 run ICOs, provided that they comply with the operator’s disclosure and registration requirementsfree spins bitcoin casino usa bitcoin casino usa no deposit Aquino stated”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 instances where ICO promoters vanish into thin air. We don’t want that to happen here […] We need to act because initial coin offerings are sprouting.”
The announcement comes after a cease-and-desist sequence filed against four companies for violating securities laws, connected with the Krops ICO. Mr. Aquino indicated that the SEC may choose 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 possible reduction in fees that virtual currency adoption could offer the roughly 10 million Philippine employees living abroad who are estimated to remit almost $25 billion USD home annually.
This past year, The Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), developed legislation governing the operation of virtual currency exchanges. Two applicants have obtained approval so far, with head and the director of the BSP information technology specialist group indicating that the central bank was reviewing 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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