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

Philippine SEC to Partner With Overseas Counterparts

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

Commissioner Aquino indicated that 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, saying”We want 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 expressed his expectation that the regulatory framework will be developed”over the year and bitcoincasinoreview.info.”

ICOs Must Register With Philippine SEC

The Philippines’ SEC will permit businesses to conduct ICOs, provided that they comply with registration requirements and the regulator’s disclosurefortunejack bitcoin casino bonus code bitcoin casino no deposit bonus codes 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 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 after a cease-and-desist order filed against four companies connected 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 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 annually.

This past year, The Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), developed legislation governing the operation of digital currency exchanges. Two applicants have received approval up to now, with the director and head of the BSP’s core information technology specialist team suggesting that the central bank was subsequently reviewing 12 applications from 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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Source: bitcoincasinoreview.net

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