The Philippines’ Securities and Exchange Commission (SEC) stated on Monday (January 29) that it is planning to create and introduce new regulations for cryptocurrency transactions to protect investors and decrease the risk of fraud, according to Reuters.
SEC commissioner Emilio Aquino said at a press conference that the regulation, which is still in the “drafting stage”, will cover issuance and registration of cryptocurrencies and is expected to be finalized this year.
“We need to act because initial coin offerings (ICOs) are sprouting especially in 2017. We want to come up with our own set of regulations,” Aquino stated at a press conference.
“We are not ready to come out with a direct ban on cryptocurrencies…Despite all this, you have to be extra careful about how the investors in this new space are protected,” he added.
The regulations, according to Aquino, may require accreditation for cryptocurrency owners and investors based on net worth or the level of financial literacy, for instance.
“Unfortunately, there have been a lot of cases where ICO promoters vanish into thin air. We don’t want that to happen here,” Aquino stated.
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