The Philippines are close to releasing new cryptocurrency rules that are expected to be launched in the next two weeks. As more Filipinos use crypto, especially those working abroad who want to send money back home, the country is readying itself for the launch of the new rules to govern ICO projects and crypto exchanges.
Nobody epitomizes the robust crypto markets in South-East Asia like the Philippines, and according to a news story directly from The Manilla Times, it seems the final draft of the new cryptocurrency rules are finally going to be released after several months of waiting.
Filipino cryptocurrency rules on ICOs
One of the main key areas that will be affected by the new cryptocurrency rules is crypto exchanges in the Philippines. The Philippines Securities and Exchange Commission (SEC) has indicated that as part of the new rules, crypto exchanges could now be regulated as trading platforms.
The article in The Manilla Times reported that the SEC Commissioner, Ephyro Luis Amatong, said that the new cryptocurrency regulations will be released by the end of next week and that the Philippines’ SEC has been considering using existing crypto exchange regulations from Switzerland and Australia as a template to create the latest draft.
News had been circulating for several months that the Philippines had drafted new cryptocurrency rules that were to tighten the controls on ICO projects. The new draft supposedly outlines that ICOs have to undergo an initial assessment from the SEC that would decide whether the new coin could be launched or issued as a security. The rules will include a stipulation that new ICOs must register as a corporation in the Philippines and that foreign ICO projects located abroad would have to operate a Filipino branch.
ICOs will now also require “ocular inspections” that include system walkthroughs as part of the process to register. Issues such as advertising will also be addressed in the new draft.
The evolving crypto industry in the Philippines
At Crypto Disrupt, we reported one month ago that new crypto rules in the Philippines were in the pipeline, but now we know they are close to launching, it is expected to have a positive effect on the Filipino cryptocurrency scene.
Other good news related to the regulatory implementations is that the nation’s largest central banking establishment, the Bangko Sentral ng Pilipinas (BSP), alongside the SEC, are joining forces to ensure that the new cryptocurrency rules on crypto exchanges are adopted seamlessly. Speaking about the partnership, commissioner Amatong said that:
“We already discussed the matter with the BSP since the BSP is also interested and we are also interested. The discussion … [includes] joint cooperative oversight over [cryptocurrency exchanges] engaged in trading.”
It has been a long and arduous journey to draft and implement these new cryptocurrency rules that have been in the pipeline initially since as way back as February 2017 when the BSP first released guidelines on crypto exchanges to tackle the problem of money laundering. However, with this latest news from the Philippines’ SEC, it seems that the nation has finally landed at its intended destination.
I am very experienced writer/blogger who has been an active member of the cryptocurrency community for several years. I have experience writing for crypto news sites and proactively been involved in the startup of other ICO and crypto ventures over the course of the past four years.