The Philippines Securities and Exchange Commission reported that it would soon begin to regulate exchanges of cryptocurrencies including ICOs, thus creating a legal framework for this matter.
This will be done with the intention of protecting investors from frauds related to crypts, such as money pyramids, pseudo investment clubs and ICO ghost companies that offer the appearance of a super currency that never arrives and appropriate capital .
In the Philippines, in the period from January to June, 8.8 million dollars per month were registered in bitcoin transactions.
Emilio Aquino, director of the commission, told the press that in 2018 this regulation will be ready.
The regulation of ICO will include cybersecurity protocols in cryptocurrency markets, election of directors and the technology that will be used, it also includes the level of investor training.
The regulator will be in charge of approving or not, any sale of cryptocurrencies and will also be able to investigate sellers without a license.
To date, only 2 commercial entities have received authorization from the Philippine central bank to operate with bitcoin: Betur and Rebittance.
Some time ago, the Philippines is considering regulating Bitcoin (BTC) as a financial asset, insisting that this and other cryptocurrencies must be governed by the relevant legal aspects.
The central bank of this country began issuing licenses for operators of commercial activities that are involved with bitcoin.