Philippine SEC to Publish Draft Crypto Exchange Regulations Next Week
The Philippine Securities and Exchange Commission (SEC) is exploring regulating cryptocurrency as trading platforms, according to SEC Commissioner Ephyro Luis Amatong. Commissioner Amatong also indicated that the current Australian and Swiss legislative apparatus pertaining to virtual currency exchanges are being considered as possible templates for the future regulatory framework of the Philippine SEC – the first draft of which is expected to be published by the end of next week.
Philippine SEC Exploring Regulating Crypto Exchanges as Trading Platforms
Local media has reported that SEC Commissioner, Ephyro Amatong, has stated that the Philippine SEC is exploring regulating virtual currency exchanges.
“We see the need to regulate them as trading platforms,” Commissioner Amatong said, adding that the legislative frameworks of Australia and Switzerland are currently being reviewed as possible templates.
Commissioner Amatong indicated that the SEC expects to release draft regulations by the end of next week.
Philippine SEC to Join Forces With Central Bank
Commissioner Amatong also stated that the Philippine SEC will operate in partnership with the country’s central bank, the Bangko Sentral ng Pilipinas (BSP), in its efforts to regulate virtual currency exchanges.
“We already discussed the matter with the BSP since the BSP is also interested and we are also interested. The discussion [involved] joint cooperative oversight over VCEs engaged in trading,” he said.
SEC Also Expected to Publish Final ICO Regulations Next Week
The Philippine SEC is also expected to publish the final iteration of its regulations pertaining to initial coin offerings (ICOs) next week following recent public commentary.
Commissioner Amatong stated that the SEC is developing a permissive legislative apparatus pertaining to ICOs, facilitating a “safe” means for small and medium-sized enterprises to raise capital with the crowdfunding method.
“Part of the promise is technology will allow smaller companies to raise funds in a safe manner,” he said. “Previously, you had to go through all of the infrastructures of the [Philippine Stock Exchange] or [Philippine Dealing Exchange] […] in order to raise the funds but what financial technology promises is you can achieve that through technology at a lower cost so even if you are a small company.”
“You have a way to look for investors without going through the whole process of a security,” Commissioner Amatong added.
What is your response to the Philippine SEC using Australian and Swiss regulations as a template for their regulatory framework? Share your thoughts in the comments section below!
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