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 govern 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 principal mandate of the SEC, saying”we would like to come up with our own set of regulations. You’ve got to be really careful how investors in this new area are safeguarded.”
Although 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 registration requirements and the operator’s disclosureBetChain site Aquino stated”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 it to happen here […] We need to act because initial coin offerings are sprouting.”
The announcement comes a few weeks after a cease-and-desist order filed against four companies connected for violating securities laws. Mr. Aquino suggested 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 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 laws regulating the operation of virtual currency exchanges. Approval has been received by two applicants up to now, together with head and the deputy director of the BSP information technology specialist group indicating in December 2017 that the central bank was then reviewing 12 applications from potential 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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Source: bitcoincasinoreview.net
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