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After South Korea, Philippines begins drafting new regulations on cryptocurrencies, ICOs

Jan 31, 2018 Posted /  1817 Views

After South Korea, Philippines begins drafting new regulations on cryptocurrencies, ICOs

As the South Korean news is flooding the market that new regulations are being implemented from today, Philippines' primary securities regulator has also confirmed that they are working towards formulating new regulations for cryptocurrency transactions and initial coin offerings (ICOs) with an objective to diminish fraudulent activities and secure investors.

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Articulating his ideas at a news conference on Monday, Philippines’ Securities and Exchange Commission (SEC) commissioner Emilio Aquino announced that the authority will soon outline regulations that will embrace the issuance and registration of cryptocurrencies and this will be clinched this year. The regulations are at present in a “drafting stage”, Aquino deliberated.

As reported by Reuters, the SEC official added:

“We need to act because initial coin offerings (ICOs) are sprouting especially in 2017. We want to come up with our own set of regulations. You have to be extra careful how investors in this new space are protected.”

Specifically, the regulation will introduce guidelines on the cybersecurity posture of cryptocurrency markets, the eligibility of ICO issuer's accounting for the technology used and the operators behind it, as well as the financial literacy of investors, Aquino revealed.

Above all the SEC chief contends that the regulatory transit is to guarantee investor safety while controlling fraudulent activities.

“Unfortunately, there have been a lot of cases where ICO promoters vanish into thin air,” Aquino calculated. “We don’t want that to happen here.”

As of for now, the securities regulator is currently to bestow license or permission to an ICO operator and as reported by the media is scrutinizing unverified, unlicensed sellers at present. The reports tell that Nikkei issued a cease-and-desist order against an ICO last week subsequent to an announcement by its operators about their offering without the approval of the regulator.

“The mindset of the commission has always been to foster innovation, but they need to register,” Aquino said in the news conference, stressing that the regulator was taking an accommodating approach to the cryptocurrency sector.

As reported earlier, the SEC is also operating in conjunction with the Bangko Sentral ng Pilipinas (BSP) to delineate rules on cryptocurrency investments. These rules may also comprise of the regulation of cryptocurrencies like bitcoin.

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Tags: initial coin offerings South Korea Cryptocurrencies

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