The Philippine Securities and Exchange Commission is developing rules to regulate cryptocurrency transactions to protect investors and reduce the risks of fraud.
“The regulatory framework governing the issuance and registration of cryptocurrencies is expected to be adopted this year,” said Emilio Aquino, the Philippine Securities and Exchange Commission official responsible for compliance and investor protection.
“We need to act because initial coin offerings (ICOs) are seeing huge interest especially in 2017. We want to pass appropriate legislation that will ensure investor protection in this new space,” Mr. Aquino said at a press conference.
The ICO rulebook will include recommendations on the cybersecurity of cryptocurrency markets, the eligibility of issuers, including officials and the technology used, as well as the financial literacy of investors.
The country's authorities have not yet approved any public sale of cryptocurrency and are looking into unlicensed sellers.
“Unfortunately, there have been many cases where ICO promoters have disappeared into thin air. We don’t want this to happen here too,” said a representative of the Securities Commission.
According to https://www.reuters.com
You May Also Like
Bank Indonesia warns about the risks of using cryptocurrencies
Bank Indonesia has taken a strong stance against cryptocurrencies - it recently called on all citizens of the country to refrain from selling, buying or owning tokens.
$3 million in stolen electricity = $14.5 million in Bitcoin
A Taiwanese miner surnamed Yang was recently arrested and accused by authorities of illegally mining 100 million yuan ($14,500,000) in cryptocurrency. Young used $3.2 million in stolen electricity to power the mining rig.
