The Philippines, through the Cagayan Economic Zone Authority (CEZA), has released a comprehensive set of new rules governing cryptocurrencies in a bid to effectively regulate and protect investors.
“The SRO model allows industry players to police its own ranks, while also promoting and protecting the interests of cryptocurrency investors. The rules will remain stringent in assessing the ethics and integrity of companies eyeing to launch Digital Asset Token Offerings” says Ma. Juanita Cueto, Chairperson of ABACA. “CEZA is moving forward with its goal to develop the economic zone as the center of fintech firms in Southeast and Northeast Asia.
CEZA has approved the Digital Asset Token Offering (DATO) regulations that cover the acquisition of crypto assets, including utility and security tokens. Under the new framework, CEZA is the principal regulating authority. The Asia Blockchain and Crypto Association (ABACA) is designated as a self-regulatory organization (SRO) to help implement and enforce the new rules.
“It is our goal to provide a clear set of rules and guidelines that will foster innovation yet ensure proper compliance by actors in the ecosystem. It is our hope that these set of regulatory innovations will take the digital asset sector one step closer to adoption and acceptance by institutions and the traditional financial system,” said Sec. Raul Lambino, CEZA administrator and chief executive officer.
“The safeguards built into CEZA’s rules and the system will lead to greater investor protection and transparency. The involvement of DA agents and experts bring in 2 competent and neutral third parties into the process to help ensure issuers are truthful and accurate,” Lambino explained!
