Southeast Asian Country, Philippines proposes new Crypto trading rules as the country is actively looking for the opportunities on virtual currencies. Besides this Philippines promotes cryptocurrency exchanges by allowing them to operate as trading platforms under the SEC guidelines.
Philippines based Securities and Exchange Commission (SEC) is going to announce new crypto trading guidelines as per the valid source from the local media. Ephyro Luis Amatong, the SEC Commissioner consistently affirms that regulators will publish the draft guidelines in the days to come. Further, he said in his statement that “We see the need to regulate them as trading platforms.” With this, he said that SEC and Bangko Sentral ng Pilipinas (BSP) accepted to collectively regulate Virtual Currency Exchange (VCE).
According to Coindesk, the new guidelines will include the advertising for the offerings, provisions for the return of investments on capital deployed, other requirements, contingency planning if in case initial coin offerings (ICO) is not successfully completed.
Amidst all these, Amatong said that “You have a way to look for investors without going through the whole process of a security.”
With the help of the financial technology (fintech) in place, it helps streamline the entire process however at the lower transaction cost with no mediator involved in the transactions. The blockchain technology replaces the entire gamut of the traditional way of thinking and models that were time-consuming and not cost-effective.
Besides this, Amatong stated that “You have a way to look for investors without going through the whole process of a security.”
The governing authority of Philippines Cagayan Special Economic Zone and Freeport focus to earn $67 million through the Initial Coin Offerings (ICOs). The charges for various licenses are $360,000 for principal license and $85,000 for a regular one.
With the taxes and various charges in place, it will increase the revenue stream for the government!!