According to a statement made by the Securities Exchange (SEC), the Philippines may allow crypto money exchanges to operate as trading platforms, given the increasing global interest in the virtual currencies of the crypto money markets.
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Philippine regulations will be based on Australia and Switzerland
SEC commissioner Ephyro Luis Amatong told reporters last week that the regulators are aiming to announce draft rules by the end of next week. In addition, Australian and Swiss virtual currency (VCE) rules are reviewed as possible templates.
Meanwhile, the SEC issued its recommended rules for first month’s offers (ICO) last month. Among others, any entity that wishes to conduct an ICO should first make an initial evaluation request that includes the details of the proposal, and then determine whether there is a security issue with the audit trail to be issued. While ICOs’ enforcement plans need to be recorded as a company, issuers in their home offices abroad will have to set up a branch in the Philippines. Regarding the exchanges, the SEC is planning to enter the Philippines based on co-operation with the Central Bank BSP.
The Philippines can legalize crypto money exchanges
Previously you had to acquire the necessary fleet to finance all the infrastructure of the PSE (Philippine Stock Exchange) or PDEx (Philippine Stock Exchange), depending on what technology you promised (FinTech). Even if you are a small company, you can imagine your progeny at lower costs. So there is now a way to reach the investor without entering a security process.
