Philippines market regulator preparing rules for crypto exchange trade

September 05, 2018
Chris Wheal

The main market regulator of the Philippines is expected to allow cryptocurrency exchanges to operate in the country in the coming months.

Courtesy of SEC Philippines

Reported in the Manila Times, the country’s Securities and Exchange Commission (SEC) is expected to work alongside Bangko Sentral ng Pilipinas (BSP), the Philippines’ central bank, to regulate the crypto exchange industry.

SEC Commissioner

Ephyro Lius Amatong, SEC Commissioner, told the Manila Times last week that he saw the need to regulate crypto trading platforms.

“We already discussed the matter with the BSP since the BSP is also interested and we are also interested. The discussion involves joint co-operative oversight over virtual currency exchanges engaged in trading,” the Commissioner added.

Initial coin offerings

Last month the SEC published draft rules governing initial coin offerings (ICOs) – which are currently undergoing a process of public feedback before going into effect.

Like its counterpart in the US, the SEC of the Philippines regards ICOs as securities, but claimed it did not have the resources to identify and investigate those ICOs which might be scams.

It therefore stated: “The SEC will put the burden of proving that the tokens issued through an ICO in the hands of the proponents by presuming that the tokens are securities unless proven otherwise.”

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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