Philippine SEC to Partner With Overseas Counterparts
The commissioner of The Philippines’ SEC, Emilio Aquino, has indicated that the regulator is currently developing regulations designed to regulate transactions.
Commissioner Aquino indicated the Philippines’ SEC is participating 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 want to produce our own set of regulations. You’ve got to be extra cautious how investors in this new space are protected.”
Even though the commissioner conceded that the legislation is now in the”drafting stage,” he expressed 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 regulator’s disclosureoshi review Aquino said”The mindset of the commission has always been to foster innovation, but they should enroll,” adding”Unfortunately, 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 several weeks after a cease-and-desist order filed against four companies connected for violating securities laws. 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 decrease in fees that virtual currency adoption could offer the approximately 10 million Philippine workers 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 digital currency exchanges. Approval has been received by two applicants so far, together with the director and head of the BSP’s core information technology specialist team suggesting that the central bank subsequently reviewed 12 applications from 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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