The Philippines Securities and Exchange Commission is set to create a framework for regulating cryptocurrency trading operations in the country. This move comes as part of a three-nation initiative to create the “cryptocurrency valley of Asia”.
Australia and Switzerland VCE Rules as Template
According to the Manilla Times, the country’s SEC is considering allowing virtual currency brokers to function as trading platforms in a bid to ensure that the Philippines doesn’t fall behind in the global crypto trading market. Commenting on the plan, the head of the country’s SEC, Ephyro Luis Amatong, said:
“We see the need to regulate them as trading platforms. We already discussed the matter with the BSP since the BSP is also interested and we are also interested. The discussion [involves] the joint cooperative oversight over VCEs engaged in trading.”
The Bangko Sentral ng Pilipinas (BSP, Philippines’ central bank) plans to work in tandem with the SEC to oversee the activities of cryptocurrency brokers. The SEC chief also said that stakeholders had identified Australia and Switzerland as case studies to be used in developing Philippines’ cryptocurrency exchange regulatory system.
Earlier in the year, the BSP also revealed that it was reviewing licensing applications from virtual currency exchanges (VCEs). Currently, a couple of platforms—Betut Inc., and Rebittance Inc.—have already obtained permits from the BSP to operate as VCEs.
Suggested Reading : Learn about some of the best exchanges in cryptocurrency.
Cryptocurrency ICO Regulations
Apart from VCE regulations, Philippines is also keen on developing robust regulatory protocols for initial coin offerings (ICOs), another focal point of the emerging cryptocurrency narrative. In August, the SEC began preliminary work on creating a set of rules for ICO projects in the country.
According to reports, a finalized version of the country’s ICO regulations is expected before the middle of September 2018. Presently, the nation’s public has been afforded ample opportunities to express their views and comments on the matter.
All of these concerted efforts in the cryptocurrency regulations arena are geared towards establishing the country in the forefront of the global virtual currency narrative. Recently, Unhashed reported that the country was looking to relax its strict crypto policies in order to create a “cryptocurrency valley of Asia”.
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