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 cryptocurrency transactions.
Commissioner Aquino indicated the Philippines’ SEC is engaging with U.S. and Australian counterparts to develop the regulations. The commissioner has emphasized the protection of investors being the primary 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 safeguarded.”
Even though the commissioner conceded that the legislation is currently in the”drafting stage,” he expressed 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 conduct ICOs, provided that they comply with the disclosure and registration requirements of the regulatorOshi Casino rating Aquino said”The mindset of the commission has always been to foster innovation, but they should 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 will need to act because initial coin offerings are sprouting.”
The announcement comes after the Philippines’ SEC filed a cease-and-desist order against four companies associated with the Krops ICO for violating securities laws. Mr. Aquino suggested that the SEC may choose 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 dispersed ledger technology (DLT), alluding to the possible decrease in fees that virtual money adoption could provide the roughly 10 million Philippine employees living abroad who are estimated to remit almost $25 billion USD home each year.
This past year, The Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), developed legislation governing the operation of digital currency exchanges. Approval has been received by two applicants so far, with head and the director of the BSP information technology specialist group indicating in December 2017 that the central bank subsequently reviewed 12 applications from potential virtual 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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Source: bitcoincasinoreview.net
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