Philippine Regulator to Keep Open Mind Regarding Cryptocurrencies 1Xbit Casino scam

Philippine SEC to Partner With Overseas Counterparts

The commissioner of The Philippines’ SEC, Emilio Aquino, has indicated that regulations designed to govern transactions are being currently developed by the regulator.

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, saying”we would like to come up with 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”within the year and”

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 regulatorbitcoincasino app Aquino said”The mindset of the commission has always been to foster innovation, but they need to register,” 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 will need to act because first coin offerings are sprouting.”

The announcement comes a few weeks after the Philippines’ SEC filed a cease-and-desist order against four companies associated for violating securities laws. Mr. Aquino suggested that the SEC may opt 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 potential decrease in fees that virtual currency adoption could offer the roughly 10 million Philippine employees living abroad who are estimated to remit nearly $25 billion USD home each year.

Last year, The Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), developed laws regulating the operation of digital currency exchanges. Two applicants have received approval so far, with the director and head of the BSP’s core information technology specialist group indicating in December 2017 that the central bank was then reviewing 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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