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The Philippines is examining new rules for ICOs and bitcoin exchanges

Philippine regulators are considering new rules for cryptocurrency exchanges and initial coin offerings (ICOs).

22.Nov.17 12:42 PM
By Daria Zaytseva


The Philippines is examining new rules for ICOs and bitcoin exchanges

Speaking at a press conference on Tuesday, SEC commissioner Emilio Aquino said that his agency could offer ICO proposals as "possible securities" in accordance with the Securities Regulation Code.

According to Aquino, this step is in line with the rules adopted by the SEC in the United States, and other regulators in Malaysia, Hong Kong and Thailand. Recognizing the growing popularity of the blockchain funding use case, he said that regulators are considering consumer protection rules.

The commissioner also said that the SEC is currently negotiating with the central bank of the country, Bangko Sentral ng Pilipinas (BSP), regarding the licensing of cryptocurrency exchanges. According to him, some companies have already been "registered and endorsed" by the BSP, although they are limited to money-transfer enterprises working in remittances.

This change could mean that other exchanges of cryptocurrency allowed to function as a money changers, Nestor Espenilla Jr.,central bank Governor, said yesterday. He noted that BSP has registered two exchanges, and more are also evaluated.

Earlier this year, the central bank published new guidelines for bitcoin exchanges operating in the country, suggesting that exchanges must register with BSP and Anti-Money Laundering Council Secretariat in the country and that they would be subject to "registration and annual fee services".

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