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 that were cryptocurrency.
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 primary mandate of the SEC, stating”We want to produce our own set of regulations. You have to be extra careful how investors in this new space are protected.”
Although the commissioner conceded that the legislation is currently 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 registration requirements and the operator’s disclosureBitcoinRush app 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 cases 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 a few weeks after the Philippines’ SEC filed a cease-and-desist sequence against four companies for violating securities laws, associated. Mr. Aquino suggested that the SEC may opt to lift the order against Krops.
Philippine Regulator to Keep”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 potential decrease 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.
Last year, The Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), developed legislation regulating 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 team indicating that the central bank then 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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Source: bitcoincasinoreview.info
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