The Securities and Exchange Commission (SEC) of Philippines is expected to release the draft regulations for crypto exchanges by the end of next week. According to Ephyro Luis Amatong, Philippines SEC Commissioner, the SEC is exploring regulating cryptocurrency as trading platforms.
Commissioner Amatong also added that the legislative frameworks of Switzerland and Australia are presently being reviewed as possible templates. Stressing on the need to regulate cryptocurrency as trading platforms he indicated that the SEC is looking planning to release the draft regulations hopefully by the end of next week.
Philippines SEC Will Be Joining Hands With Central Bank
The Philippines Securities and Exchange Commission will be operating in a partnership with Bangko Sentral ng Pilipinas (BSP), the country’s central bank, the Commissioner stated. The SEC will be joining hands with the central bank in its efforts to regulate virtual currency exchanges (VCE).
Amatong added that the SEC has already discussed the matter with the BSP. The BSP is quite keen on it as well. The discussion focused on joint cooperative oversight over the VCEs that are engaged in trading.
SEC Also Intends to Publish Final ICO Regulations Next Week
The final iteration of regulations pertaining to initial coin offerings (ICOs) is also expected to be published by the Philippines SEC next week, as per the recent public announcement. The SEC Commissioner, Amatong said that the regulatory agency is developing a permissive legislative apparatus pertaining to ICOs. The SEC is doing this to ensure a safe means of trading for medium and small-scale enterprises to raise capital via the crowdfunding method, as mentioned in the Bitcoin News report.
Amatong further mentioned that the Securities and Exchange Commission’s openness to facilitate such methods is done with the intention of helping the small and medium scale companies to raise funds comfortably for their expansion. Crowdfunding is a method of raising funds by tapping people via an online platform. It is designed for start-up firms. Amatong added that part of SEC’s promise is based on the premise that technology will allow smaller firms to raise funds in a safe manner, as stated in The Manila Times.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]