Philippines Issues Final Version Of ICO Rules In Mid-SeptemberSep 05, 2018 at 22:36
The Philippine Securities and Exchange Commission (SEC) is eyeing to issue the final version of its very own rules for initial coin offerings (ICOs) within September.
The corporate regulator will also be coming out with rules to regulate cryptocurrency exchanges around the same time, local news outlet Manila Times reported.
The SEC has considered stakeholders’ inputs for the final ICO rules. DisruptBlock reported last month that the regulator published its draft rules as it sought public comments.
SEC Commissioner Ephyro Luis Amatong said ICOs will allow companies, particularly start ups, an alternative way of raising funds.
“Part of the promise is technology will allow smaller companies to raise funds in a safe manner,” Amatong was quoted as saying.
“Previously, you had to go through all of the infrastructures of the PSE (Philippine Stock Exchange) or PDEx (Philippine Dealing Exchange) … in order to raise the funds but what financial technology (fintech) promises is you can achieve that through technology at a lower cost so even if you are a small company,” he said.
The SEC is also coming out with rules for cryptocurrency exchanges to operate as trading platforms by the middle of the month.
Models being used are virtual currency exchange (VCE) rules of Australia and Switzerland, Amatong said.
“We see the need to regulate them as trading platforms,” he said.
Moreover, the corporate regulator is also working with the Bangko Sentral ng Pilipinas (BSP) in regulating VCEs.
“The discussion … [involves] joint cooperative oversight over VCEs engaged in trading,” Amatong said.