The Philippine Securities and Exchange Commission (PSEC) is not ready to issue the initial regulation of the supply of coins (ICO). The law was to be published by the end of 2018, the local media in English The Philippine Star reports on December 31st.
The above article attributes the late release to a request by several interested parties for an additional period of time to review the draft ICO standards. PSEC reported that it reviewed the proposed regulation again taking into account the different contributions from shareholders.
In the draft guidelines, the regulatory body has established that tokens issued during an ICO can be classified as titles and "therefore, these must be registered with the Commission and necessary information for the protection of the investor public ".
The PSEC also stated in the project that the sale of security tokens to less than 20 people in a year, or the sale to banks, investment houses, insurance companies and pension funds can be exempted from registration.
When asked why the entity is willing to regulate the ICOs instead of banning them as in China, the president of the PSEC Emil Aquino replied that the technology has its advantages, wrote The Philippine Star.
As reported by Cointelegraph in April, the government of the Philippines has decided to authorize 10 blockchain and crypto companies in the economic zone of Cagayan.
And in July, the news broke that three cryptocurrency grants were granted licenses to operate in the aforementioned special economic zone.