According to the article it stated that:
"The Philippines’ Securities and Exchange Commission said that it is crafting rules to regulate cryptocurrency transactions to protect investors and reduce the risk of fraud.
The regulation, which will cover issuance and registration of cryptocurrencies, is expected to be finalised this year, said Emilio Aquino, SEC commissioner in charge of enforcement and investor protection.
“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 told a news conference.
“You have to be extra careful how investors in this new space are protected.” uthorities around the world, particularly in Asia, have attempted to rein in the global boom in trading bitcoin and other cryptocurrencies
- a form of digital money created and maintained by its users.
Chinese authorities have banned initial coin offerings and shut down local trading platforms, while South Korea - where speculation on cryptocurrencies is also rife - is working on plans to ban virtual coin exchanges.
The regulation on ICOs will include guidelines on cybersecurity of cryptocurrency markets, eligibility of issuers including the officials and technology utilized, and financial literacy of investors, Aquino said.
The corporate regulator has yet to approve any public sale of cryptocurrencies and is investigating unlicensed sellers.
“Unfortunately, there have been a lot of cases where ICO promoters vanish into thin air. We don’t want that to happen here,” Aquino said.
Hackers last week stole $530 million worth of digital money from Tokyo-based cryptocurrency exchange Coincheck Inc in one of the biggest-ever thefts of digital money."
Reuters (2018, January 29) Philippines to develop rules on cryptocurrency trading Retrieved from
http://news.abs-cbn.com/business/01/29/18/philippines-to-develop-rules-on-cryptocurrency-tradingWhat do you think about this? Should the Philippines make their own rules and regulation in regards with cryptocurrency trading or they should just ban ICO's/Cryptocurrency just like what china and korea did?
I know for a fact that our government has been really devising its own way on how to penetrate the crypto currency due to the reality that bitcoin is trending now a days. It could be a fountain of revenue. This move to regulate and legalize crypto could be beneficial if the goal is to protect the investors and not on their purpose. Definitely they will impose tax at the maximum level which in turn we cannot do anything.