Crypto regulators in the Philippines intend to publish draft cryptocurrency regulation before September ends, The Manila Times announced Monday, September 3.
Regulating Crypto Exchanges
Referring to Ephyro Luis Amatong, executive of the country’s Securities and Exchange Commission (SEC), the local news outlet reported that cryptocurrency exchanges should be considered as conventional "trading platforms."
Securities or Not?
As for initial coin offerings (ICOs), before conducting one, a company must file an application and wait for token to be determined as a security or not, which Cointrend.me detailed last month.
The draft regulation on the crypto industry was open to public criticism until August 31. A final version of those rules ought to be ready next week, as per The Manila Times.
The Overall Picture
The Philippine SEC has been collaborating with the central bank, the Bangko Sentral ng Pilipinas (BSP) to set up what Amatong calls "cooperative oversight."
Similar approach is taken in Japan, where regulators keep on tightening requirements on exchanges to maintain a strategic distance from a large hack in January 2018.
In April, the government had established a fintech hub in the Cagayan Economic Zone, enabling blockchain and crypto-related organizations to work legitimately in the region.