Philippine Securities and Exchange Commission plans to monitor cryptocurrencies and ICO

nOn Monday, members of the Philippine Securities and Exchange Commission responsible for law enforcement and investor protection said the agency is in the process of formulating rules governing the trading of cryptocurrencies, protecting investors and reducing the risk of fraud, and said it expects to finalize the relevant regulatory regulations this year. Earlier this month, the Philippine SEC had warned the public that necessary precautions must be taken to participate in ICO activities and issued a restraining order to four companies and an ICO operator under the securities registration regulations.n
nTranslation: Clovern
The Philippine Securities and Exchange Commission said on Monday that it is formulating rules to regulate crypto currency transactions, protecting investors and reducing the risk of fraud.n
According to a Reuters report, members of the Philippine SEC that are responsible for enforcement and investor protection said it expects to finalize regulatory rules this year.n
Aquino said at a news conference:n
n”We want to set a set of regulatory rules ourselves, but at the same time we have to be very cautious about how to protect investors in this area.”n
nAquino further said that these provisions are expected to be completed this year and will include the issuance and registration of cryptocurrencies. It is expected that cybersecurity guidelines for cryptocurrency market and investor financial knowledge and capabilities are also expected to be included in regulatory rules.n
Aquino states:n
n”Unfortunately, in most cases, the founders of the ICO disappeared in vain and we do not want this to happen in the Philippines.”n
nPhilstar Global, a Philippine-based local media, also pointed out that ICO may need to register with the SEC as the SEC may treat some cryptocurrencies as securities.n
Earlier this month, the Philippine SEC had warned the public to take the necessary precautions when participating in ICO activities and issued injunctions to four companies and one ICO operator under the securities registration regulations.n
In addition, the Chinese authorities announced a ban on ICO activities in China last September and said they are all illegal under China’s domestic laws.n
At that time, nine ministries and commissions in China issued a joint statement saying: “ICO is a public and illegal fund-raising act in connection with illegal sale of tokens, illegal issue of securities and illegal criminal activities such as financial fraud, pyramid selling and other criminal activities.”n
In September 2017, the Korea Financial Services Commission banned local businesses from participating in the ICO and considered it an over-speculative “violation of the capital market law.”n

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