According to the report from The Manila Times, on 3rd September, the Securities and Exchange Commission (SEC) specifies that cryptocurrency exchanges may be regulated as trading platforms.
Cryptocurrency Exchange Trading Rules To Regulate Crypto Platforms
The Commissioner at SEC, Ephyro Luis Amatong says that the commission hopes the release of draft rules by the next week. In the guidelines preparation, SEC is evaluating the cryptocurrency exchange regulations existing in Switzerland and Australia as potential templates.
The SEC also notes that they are ready to release its final version of the ICO rules by next week as well. Early in the previous month, the authority has also made a draft issuance outlining similar regulations. This was specifying that an entity looking to hold an ICO should initially file an assessment request. SEC will get a chance to determine whether the coin request for issuance is a security or not. The issuer can then register as a Philippines’ corporation, while abroad coin issuers will have to build a Philippine branch.
The ICO rule proposal will need the ocular inspections and system walk through considering this as a part of the registration process. Advertisement procedures and exemptions relatively for minor offerings have been addressing. The authority also mentions that they have public commentary consideration on the draft.
Bangko Sentral ng Pilipinas (BSP) and SEC To Work Together
Additionally, the Bangko Sentral ng Pilipinas (BSP) and SEC both agree to work in collaboration for the cryptocurrency exchanges regulation. The Commissioner Amatong also comments on the partnership saying,
We already discussed the matter with the BSP since the BSP is also interested and we are also interested. The discussion … [includes] joint cooperative oversight over [cryptocurrency exchanges] engaged in trading.
The bandwagon towards cryptocurrency regulation across the Philippines has been through a long journey. In February 2017, the BSP has initially built the guidelines for cryptocurrency exchanges with the intention to secure terrorist financing and money laundering activities within the country.
That time onwards, the BSP is approving the accreditation of some particular cryptocurrency exchanges. Especially those exchanges that are looking to work in the island nation, such as
- Rebittance Inc.
- Betur Inc.
- Virtual Currency Philippines Inc.
The license from BSP permits these firms for converting the Philippine peso to cryptocurrency, vice versa. The Philippines is all set to make its mark in the Asian cryptocurrency space.