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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 signaled that regulations designed to govern transactions that were cryptocurrency 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 emphasized the protection of investors being the primary mandate of the SEC, stating”We want to come up with our own set of regulations. You’ve got to be really cautious how investors in this new area are protected.”

Even though the commissioner conceded that the legislation is currently in the”drafting stage,” he expressed his expectation that the regulatory framework will be developed”over the year and”

ICOs Must Register With Philippine SEC

The Philippines’ SEC will permit companies to conduct ICOs, provided that they comply with registration requirements and the regulator’s disclosurebitcoin casino free spins at what rate bitcoin cashout ignition casino Aquino stated”The mindset of the commission has always been to foster innovation, but they should enroll,” 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 will need to act because first coin offerings are sprouting.”

The announcement comes after the Philippines’ SEC filed a cease-and-desist order against four companies associated for violating securities laws. Mr. Aquino indicated that the SEC may opt to lift the order against Krops.

Philippine Regulator to Keep”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 reduction in fees that virtual currency adoption could offer the approximately 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 regulating the operation of digital currency exchanges. Two applicants have obtained approval so far, together with the director and head of the BSP information technology specialist group suggesting in December 2017 that the central bank was subsequently reviewing 12 applications from 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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