Philippine SEC to Partner With Overseas Counterparts
The Philippines’ SEC, Emilio Aquino’s commissioner, has indicated that the regulator is currently developing regulations designed to regulate transactions.
Commissioner Aquino indicated that The Philippines’ SEC is engaging 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 really cautious how investors in this new area are safeguarded.”
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”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 requirementsFortune Jack site Aquino said”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 connected. 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 dispersed ledger technology (DLT), alluding to the potential reduction in fees that virtual currency adoption could provide the approximately 10 million Philippine employees 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 legislation regulating the operation of digital currency exchanges. Two applicants have obtained approval up to now, together with the director and head of the BSP’s core information technology specialist group suggesting in December 2017 that the central bank subsequently reviewed 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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