The Cryptocurrency Transaction is regulated by Phillippine SEC in the country

The Philippine Securities and Exchange Commission (SEC) announced that it is currently producing a regulatory framework designed to govern cryptocurrency transactions. The regulator highlighted the necessity of legislation concerning to initial coin offerings (ICOs) in detail.

Philippine SEC will partner with overseas Counterparts. Phillippine SEC will be developing cryptocurrency regulations. The commissioner of the Philippines’ SEC, Emilio Aquino has announced that the regulator is now building regulations which are designed to govern the cryptocurrency transactions.

Commissioner Aquino mentioned that The Philippines’ SEC is joining with the U.S. and Australian equivalents in order to develop the regulations. The commissioner has indicated the security of investors being the principal decree of the SEC.

The commissioner told:

“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.”

Anyhow the commissioner acknowledged that the legislation is currently in the drafting stage, he described his expectation that the regulatory framework will be developed within the year.

ICO must be registered with Phillippine SEC

The Phillippines’ SEC will allow the organizations to launch ICOs but, the company should comply with the regulator’s declaration and registration requirements.

The announcement took place few weeks after the Philippines’ SEC filed a cease-and-desist order against four organizations which were affiliated with the Krops ICO and for breaking the security laws.

Philippine Regulator will be Open Minded Regarding Cryptocurrencies

Commissioner Aquino told that The Philippines has asked to keep “an open mind” about cryptocurrencies and distributed ledger technology (DLT), suggesting to the potential loss in fees that virtual currency adoption could offer the approximately 10 million Philippine workers living abroad who are estimated to pay nearly $25 billion USD home each year.

Recently, Philippines’ central bank announced that it will study bitcoin more closely.