Even Manila has started to adopt cryptocurrency in their financial environment.
Philippine government is starting to craft rules on cryptocurrency trading, in order to protect investors and reduce fraud’s risks.
According to local report, the regulation, which will cover issuance and registration of cryptocurrencies, is expected to be finalized this year, said Emilio Aquino, SEC commissioner in charge of enforcement and investor protection.
“We need to act because initial coin offerings (ICOs) are sprouting especially in 2017. We want to come up with our own set of regulations,” Aquino told a news conference.
“You have to be extra careful how investors in this new space are protected,” he added.
It can be recalled in our previous report that governments around the world, particularly in Asia, have attempted to rein in the global boom in trading bitcoin and other cryptocurrencies – a form of digital money created and maintained by its users.
Aquino said through his media conference, that the rules will includes regulation on ICOs will include guidelines on cybersecurity of cryptocurrency markets, eligibility of issuers including the officials and technology utilized, and financial literacy of investors.
As of posting, the corporate regulator has yet to approve any public sale of cryptocurrencies and is investigating unlicensed sellers.
“Unfortunately, there have been a lot of cases where ICO promoters vanish into thin air. We don’t want that to happen here,” Aquino said.
Last week, biggest-ever thefts of digital money in the world was recorded after hackers stole $530 million worth of digital money from Tokyo-based cryptocurrency exchange Coincheck Incorporated.