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

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 indicated 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 emphasized the protection of investors being the principal 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 area are protected.”

Although the commissioner conceded that the legislation is now in the”drafting stage,” he voiced his expectation that the regulatory framework will be developed”over the year and”

ICOs Must Register With Philippine SEC

The Philippines’ SEC will permit businesses to run ICOs, provided that they comply with the disclosure and registration requirements of the regulatoronline casino for bitcoin bitcoin casino exit scam Aquino stated”The mindset of the commission has always been to foster innovation, but they should register,” adding”Unfortunately, there have been a lot of instances 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 after a cease-and-desist order filed against four companies connected with the Krops ICO for violating securities laws. Mr. Aquino suggested that the SEC may opt to lift the order against Krops.

Philippine Regulator to Keep”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 possible reduction in fees that virtual money adoption could offer the approximately 10 million Philippine workers living abroad who are estimated to remit almost $25 billion USD home each year.

Last year, The Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), developed legislation regulating the operation of digital currency exchanges. Approval has been obtained by two applicants so far, with head and the deputy director of the BSP’s core information technology specialist team suggesting in December 2017 that the central bank was subsequently reviewing 12 applications from prospective digital 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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