The Philippines Step Closer to ICO and Exchange Regulations

Cryptocurrency regulation in the Philippines may come to life, as the country’s financial regulator plans to publish a preview of the crypto regulation package.

The chairman of the Philippino Securities and Exchange Commission (SEC), Ephyro Luis Amatong, stated that the development and trade volumes of crypto exchange platforms have created the need to regulate them as “traditional” trading platforms.

The local lawmakers also showed their support for formalizing the way Initial Coin Offerings (ICO) is being regulated in order to respond to their liability issues.

Last month the regulation institution published the cryptocurrency rules for public debate in the Philipino crypto industry and was collecting proposals and feedback by the 31st of August.

The Philippine central bank – Bangko Sentral ng Pilipinas (BSP), has been in close partnership with the SEC to provide the financial world in the Philippines with a “cooperative oversight,” according to Amazon.

“We talked on that subject with the BSP since they also have an interest in regulating the ICO and crypto exchange, as we are. This kind of negotiation includes mutual monitoring over the exchanges involved in  the trading of digital assets.”

The decision comes following Japan’s initiative in getting its institutions to tighten regulations and prevent another wave of hack attacks, similar to those from January 2018. It aims to ensure that the country is operating regulations that would support and protect cryptocurrency users. Earlier this year, the Philippines established a fintech hub for blockchain and crypto-related companies in the Cagayan Economic Zone.