The SEC of the Philippines announced that it would put in place mechanisms to regulate the transactions of crypto-currencies in order to protect the investors and reduce the risk of fraud. The regulation, which will cover the broadcast and recording of digital currencies, is expected to be finalized this year, said Emilio Aquino, commissioner of the SEC in charge of enforcement and the protection of investors.
Source : Pixabay. Devices to regulate the market of crypto-currencies in the Philippines.
He stated that they must quickly act because the ICO will develop even more. They want to establish their own regulations, said Mr. Aquino during a press conference. We must be very careful as to how investors in that market are protected.
Why such an initiative ?
The authorities around the world, particularly in Asia, have attempted to curtail the boom in international trading of Bitcoins and other crypto-currencies. The chinese government has banned the ICO and closed platforms of exchange, while South Korea, where the digital currency are in full swing, is working on plans to regulate the sector.
Source : Pixabay. The regulations to regulate the market of crypto-currencies in the Philippines.
Among the many reasons that have encouraged the Philippines to set a regulation to protect investors.
The ICO are at the heart of all discussions
The regulation on the ICO will include guidelines on the cybersecurity of the market of the virtual currency, the eligibility of issuers, including the managers, and the technology used, and the financial resources of the investors, ” explained Mr. Aquino.
The regulator has not yet approved any public sale of crypto-currencies and investigation on the vendors without a license. Unfortunately, there has been a lot of cases where the promoters of the ICO disappear, said Mr. Aquino. Last week, hackers have stolen $ 530 million in Tokyo Coincheck. The Philippines want to avoid that such cases do occur in the country.
Source : MoneyUSNews