The Philippines joins the army of Asian regulators that aim to regulate the cryptocurrency markets. As Philippines Regulator works on cryptocurrency trading regulation, let's take a sneak peek at what the new guidelines are going to look like.
29 January, AtoZForex – The Securities and Exchange Commission of Philippines has stated that it is developing guidelines for regulation of cryptocurrency transactions to protect investors and decrease the risk of fraud.
Philippines Regulator Works on Cryptocurrency Trading Regulation
The regulation is expected to be finalized in 2018, according to the official from the Philippines SEC, Emilio Aquino. Mr. Aquino is the SEC commissioner in charge of enforcement and investor protection. The planned regulation is about to cover issuance and registration of digital currencies. He has stated:
“We need to act because initial coin offerings (ICOs) are sprouting especially in 2017. 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.”
In fact, regulators from around the world, specifically in Asia, have been trying to somehow regulate the global cryptocurrency trading boom. One of the most drastic regulatory decisions comes from South Korea.
Earlier last week, the South Korean financial regulator has established a deadline for the anonymous cryptocurrency trading accounts ban. As per the official statement from the Financial Services Commission (FSC), cryptocurrency investors across South Korea will be required to use real-name bank accounts in order to carry out any trading. The regulator has set the deadline for 30th January.
Philippines ICO Regulations
The ICO regulation framework will cover the guidelines on cybersecurity of cryptocurrency markets, financial literacy of investors, and eligibility of issuers. According to Mr. Aquino, the corporate regulator still has to approve any public sale of digital currencies. The regulator stated that it also still investigates unlicensed sellers. Mr. Aquino has shared:
“Unfortunately, there have been a lot of cases where ICO promoters vanish into thin air. We don’t want that to happen here.”
Philippines regulator has filed a cease-and-desist order against four entities and an operator that were running ICO. The order cites four affiliated companies – Black Cell Technology Inc., Black Sands Capital Inc., Black Cell Technology Limited, and Krops. The companies appear as operators of the KropCoin token sale.
According to the order, they have been claiming to sell "the world’s first agriculture marketplace crypto equity ICO."
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