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

Philippine SEC to Partner With Overseas Counterparts

The Philippines’ SEC, Emilio Aquino’s commissioner, has signaled that the regulator is currently developing regulations designed to regulate transactions that were cryptocurrency.

Commissioner Aquino indicated that The Philippines’ SEC is engaging with U.S. and Australian counterparts to develop the regulations. The commissioner has highlighted the protection of investors being the principal mandate of the SEC, stating”We want to come up with our own set of regulations. You have to be extra cautious how investors in this new area 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”

ICOs Must Register With Philippine SEC

The Philippines’ SEC will permit businesses to run ICOs, provided that they comply with the regulator’s disclosure and registration requirements 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 it to happen here […] We need to act because initial coin offerings are sprouting.”

The announcement comes a few weeks after a cease-and-desist sequence filed against four companies connected with the Krops ICO for violating securities laws. 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 distributed ledger technology (DLT), alluding to the possible decrease in fees that virtual money adoption could provide the roughly 10 million Philippine workers living abroad who are estimated to remit nearly $25 billion USD home annually.

This past year, The Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), developed laws governing the operation of virtual currency exchanges. Approval has been obtained by two applicants up to now, together with head and the director of the BSP’s core information technology specialist team indicating that the central bank was reviewing 12 applications from potential virtual 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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