Bitcoin Forum

The Philippines Securities And Commission had recently unveiled the new regulatory framework for digital asset token offerings.

According to the press release, all DATOs are now required to have complete proper documents that contain the details of the project, issuer, advice, and certification of experts behind the project. On top of that, Offshore Virtual Currency Exchange (OVCE) license for the tokens you plan to release.

The new regulations are divided into three tiers. The first tier is designated for assets and investments that do not exceed $5 million in digital tokens. The second one is for $6 to $10 million worth of digital assets, whereas the third tier focuses on assets and investments that amount to over $10 million.

Read more here: https://www.unblock.news/news/psec-released-new-regulatory-framework-for-datos

About time I guess, knowing that the Philippine scene for cryptocurrencies are making progress and taking traction on developments. This would also give credibility for DATOs should they be held within the Phils., and obviously be giving scammers and fraudsters a hard time creating and making their own coins. While the Phillipines per se isn't a hotbed for cryptocurrency developments, at least it's making progress.

It's good to have some regulation about ICO market because  right now it's a mess of scams.

I can't find any stats how big is the Philippine market? Any ideas?

Looks like a great news for the Philippines crypto community and also for the overall community of crypto around the world.

$6 million to $10 million is a effective figure for any aspiring crypto project to develop in the initial stage and forum and exciting product out of it. Government approval will make more individuals to drop into the business of crypto or apply it to the running business.

This can make overall increase in the flow of digital assect around the country and can later lead to a interesting crypto revolution there. One of the similar example is the recently inacted crypto laws in Venezuela. Such events prove as connecting dots to the increase in the prices of cryptos and the overall market value.

Please re-check the link its not working.

On the face of it, the trend is good and will help to reduce the spread of projects whose primary purpose is a scam as well as to prevent useless projects if they are effectively implemented.

There may be some abuse by making society as a whole centralized and subject to the approval of the authorities, but some sacrifices must be made.
There seems to be a problem with the link, please edit it.  [The link you followed may be broken, or the page may have been removed. (https://www.unblock.news/news/psec-released-new-regulatory-framework-for-datos)]
other sources: New Regulatory Framework for Digital Asset Token Offering Introduced in Philippines (https://cointelegraph.com/news/new-regulatory-framework-for-digital-asset-token-offering-introduced-in-philippines)

https://i.imgur.com/uqRH1PP.jpg
That's strange the link you also have provided isn't working anymore, did news sources retracted their articles about the topic because they have missed some points? Here are some other news websites who's articles about the topic is still working, cryptoslate (https://cryptoslate.com/philippines-introduces-cryptocurrency-regulatory-framework/=) and digitalnewsasia (https://www.digitalnewsasia.com/digital-economy/philippines-issues-new-rules-acquiring-cryptocurrency-assets).

I have seen there news before and I am glad that the whole nation started working on a whole new regulation, before it was only the province of Cagayan who has set their standards on becoming one of the tech crypto hubs in the Philippines. Now it is shaping to be the whole country to become a attractive country for crypto related businesses to start.

Edit
I know now the problem, the link you have contains what seems to me is a smiley emoticon at the end of it. The article in cointelegraph is still working.

Sorry, so I seem to be in a hurry when you put the link. Thanks for correcting.
It is difficult to verify the validity of this news, especially since many sites publish the news without verifying its authenticity.
Lots of sites and the same news has been reworked.