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ICO Legislation Final Draft Might Signal Next Step for Philippines Fintech Sector

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Securities and Exchange Commission of Philippines is due to reveal the eagerly expected draft regulation for cryptocurrencies and digital assets in the upcoming days, as per the information provided by The Manilla Times. It is expected to perform an important role in defining the country's status as a crucial player in the fintech sector if the regulation reflects the previous vivacious attempts to allow cryptocurrency in the Philippines. The SEC chairman, Ephyro Amatong, has earlier emphasized the requirement to regulate cryptocurrency exchanges as conventional trading platforms.

The draft arrives in the stir of several Philippine lawmakers calling for the formation of a properly structured regulatory environment for Initial Coin Offerings (ICO) as the country starts embracing the new technology. Despite numerous noteworthy DApps being created in the country and the beginning of a favorable upward trend for the Filipino fintech industry, officials are well aware of the requirement to form a competent legislative framework to both save their citizens from scams and for the profitable development of the sector.

SEC Chairman Amatong commented that they already discussed the matter with the BSP since the BSP is also interested in the same. The discussion involves joint cooperative oversight over cryptocurrency exchanges engaged in trading

The Philippines Central Bank, in sharp contrast to the majority of other central banks worldwide, has been exceptionally proactive in ushering in both the regulation and implementation of digital assets and cryptocurrencies. They have also developed a partnership with the SEC in order to establish cooperative oversight.
SEC Chairman Amatong commented that they already discussed the matter with the BSP since the BSP is also interested in the same. The discussion involves joint cooperative oversight over cryptocurrency exchanges engaged in trading.

Back in 2016, the BSP deputy director Melchor Plabasan showed his positive outlook on the potential of blockchain and cryptocurrencies in an interview, commenting that if you desire something that is prompt, near real-time and convenient, then there's the benefit of using cryptocurrencies like Bitcoin. As per previous reports, this upcoming draft is the just the latest development of the SEC's endeavor to regulate digital assets and the cryptocurrency sector.
The SEC released their draft rules for public feedback in the month of August 2018. According to the official statement released by the Philippines' SEC, any establishment registered in the country seeking to run an ICO must compulsorily submit an initial request to the commision, clarifying whether their token qualifies as a security.
Companies must submit their assessment requests in no less than 90 days before they plan to launch their Initial Coin Offering. After the submission, the SEC will review the request within 20 days and provide its conclusion in a written report.

As per previous reports, this upcoming draft is the just the latest development of the SEC's endeavor to regulate digital assets and the cryptocurrency sector.

Blockchain and cryptocurrency might play a major role in uniting the fragmented payments sector of Philippines. As both blockchain technology and cryptocurrencies gain recognition and acceptance across the globe, the potential benefits for the underdeveloped Philippine fintech industry are difficult to repudiate. The ICO regulations seem set to take the next step in defining the role of digital assets and cryptocurrency in the nation's future with eager expectation from high-profile government figures.

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