Philippine SEC to Partner With Overseas Counterparts
The commissioner of The Philippines’ SEC, Emilio Aquino, has signaled that the regulator is currently developing regulations designed to govern transactions.
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 come up with our own set of regulations. You have to be really careful how investors in this new area are safeguarded.”
Although the commissioner conceded that the legislation is now 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 companies to conduct ICOs, provided that they comply with the disclosure and registration requirements of the regulatora href=”https://bitcoincasinoreview.info/zigzag777-casino-review”>zigzag777 casino no deposit bonus codes Aquino stated”The mindset of the commission has always been to foster innovation, but they should enroll,” 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 several weeks after the Philippines’ SEC filed a cease-and-desist sequence against four companies for violating securities laws, associated. Mr. Aquino indicated that the SEC may choose to lift the order against Krops.
Philippine Regulator to Maintain”Open Mind” Regarding Cryptocurrencies
Commissioner Aquino stated that 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 money adoption could offer the roughly 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 laws governing the operation of digital currency exchanges. Two applicants have received approval up to now, with head and the deputy director of the BSP information technology specialist team suggesting that the central bank then reviewed 12 applications from prospective 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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