Philippines market regulator preparing rules for crypto exchange trade
The main market regulator of the Philippines is expected to allow cryptocurrency exchanges to operate in the country in the coming months.
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.
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.”