Following the path of the US Securities and Exchange Commission, the regulators from the Philippines soon will present the Philippines New Regulations for Bitcoin exchanges and ICOs. What do we know?
22 November, AtoZForex – Financial regulators of Philippines consider the introduction of the new framework for the cryptocurrency exchanges and Initial Coin Offerings (ICOs). According to the officials, the ICOs can be classified as “possible securities” in the country.
Philippines New Regulations for Bitcoin exchanges and ICOs
The Securities and Exchange Commission (SEC) commissioner Emilio Aquino has spoken on the news conference this Tuesday. He has stated that ICOs can be considered as possible securities. It would imply that ICOs would fall under the Securities Regulation Code.
Moreover, according to Aquino, the agency is considering this move in accordance with the regulations passed by the US Securities and Exchange Commission (SEC). Also, other regulators in Malaysia, Thailand, and Hong Kong have already moved towards the same regulation.
Mr. Aquino also stated that it is vital to acknowledge the growing popularity of Blockchain funding use trend. He added that regulators have been considering the new framework for consumer protection.
Philippines Central Bank Bitcoin Exchanges Regulation
Following on this, the commissioner also mentioned that the SEC is presently in discussion with the Bangko Sentral ng Pilipinas (BSP). The key topic of discussion is the possibility of the licensing of cryptocurrency exchanges. In fact, some of the firms have already been “registered and endorsed” by the BSP, according to Mr. Aquino. Yet, he notes that these companies are still limited to money services businesses working on remittances.
As per the remarks of the central bank Governor Nestor Espenilla Jr., the update in the regulation could see other cryptocurrency exchanges enabled to operate as money changers. As a matter of fact, BSP has already registered two exchanges and more are undergoing evaluation.
Central Bank Official has stated that BSP has an “open mind” in regards to Fintech developments. He added:
“This means that we take a very active role in ensuring that our policies provide opportunities for innovation.”
Earlier this year, Philippines Central Bank has released the framework for Bitcoin exchanges with the presence in the country. The officials have suggested that exchanges need to register with BSP. Moreover, the central bank has ruled out that the exchanges need to register with Anti-Money Laundering Council Secretariat in the Philippines.
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