According to a report from local media, The Manila Times, the Philippines Securities and Exchange Commission (SEC) is preparing to publish new crypto trading rules.
Cryptocurrency exchanges in the Philippines could soon operate as regulated trading platforms as authorities proactively seek to both protect investors and enable an inclusive ecosystem for cryptocurrencies to flourish in the country.
Citing Ephyro Luis Amatong, chairman of the country’s Securities and Exchange Commission (SEC) speaking to reporters said, “We see the need to regulate them as trading platforms”. Adding that SEC and the Bangko Sentral ng Pilipinas (BSP) had agreed to join forces to regulate Virtual currency exchange (VCE).
The news comes following a similar commitment from Filipino lawmakers to formalize the regulatory environment for Initial Coin Offerings (ICO) and their issuers.
Among others, any entity wanting to conduct an ICO should first file an initial assessment request detailing the offering, after which a determination will be made whether the token to be issued is a security or not.
Start-ups planning to conduct ICOs will have to register as a corporation while issuers whose principal offices are abroad will have to set up a branch in the Philippines.