As per the SEC, cryptocurrency exchanges could be allowed to operate as trading platforms in the Philippines given the growing global interest in virtual currencies.
The Philippines Securities and Exchange Commission (SEC) is preparing to publish new crypto trading rules, as per reports in the local media. The SEC Commissioner Ephyro Luis Amatong confirmed that the regulators are targeting to publish the draft rules by the end of next week although an exact date has not been specified by them.
“We see the need to regulate them as trading platforms," Amatong said. He further added that SEC and the Bangko Sentral ng Pilipinas (BSP) had agreed to join forces to regulate Virtual currency exchange (VCE). As reported by Coindesk, the proposed rules will cover the advertising for the offering, reportorial requirements and provisions for the return of investment funds if in case the initial coin offering (ICO) is not completed.
“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,” Amatong added. “You have a way to look for investors without going through the whole process of a security.”
As per the SEC, cryptocurrency exchanges could be allowed to operate as trading platforms in the Philippines given the growing global interest in virtual currencies. The authorities that govern the Philippines Cagayan Special Economic Zone and Freeport are aiming to earn $67 million through such issuances. Senior deputy administrator of the agency said that the CEZA charges $360,000 for a principal license and $85,000 for a regular one.This opens the door to a potential revenue stream for the government.