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
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