Philippine SEC to Partner With Overseas Counterparts
The commissioner of The Philippines’ SEC, Emilio Aquino, has signaled that regulations designed to govern transactions are being currently developed by the regulator.
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, saying”We want to produce our own set of regulations. You have to be extra cautious how investors in this new area are protected.”
Even though the commissioner conceded that the legislation is now 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 disclosure and registration requirements of the regulator777coin casino review Aquino said”The mindset of the commission has always been to foster innovation, but they should register,” 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 will need to act because first 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 opt to lift the order against Krops.
Philippine Regulator to Maintain”Open Mind” Regarding Cryptocurrencies
Commissioner Aquino stated that 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 money adoption could offer the roughly 10 million Philippine employees living abroad who are estimated to remit nearly $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, together with the director and head of the BSP information technology specialist team suggesting that the central bank was then reviewing 12 applications from prospective 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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