January 21, 2020 – The Philippines Securities and Exchange Commission said it aims to finalize its cryptocurrency framework by the first half of 2020.
As reported by the Manila Times, the comment came from SEC Chairperson Emilio Aquino during the signing of the amended Real Estate Investment Trusts (REITs) regulations. He said the guidelines are now in draft form along with the comments. Additionally, Chairperson Aquino said regulations must be in place soon to counter false advertisements being spread in social channels regarding cryptocurrencies.
SEC Draft Rules on Initial Coin Offerings was released in 2018 while Draft Rules on Digital Asset Exchanges last year. Both are, as mentioned, in drafts, and the Commission sought the opinion of the public to be considered on the final rules before releasing.
The Bangko Sentral ng Pilipinas (BSP), for its part, has given virtual currency licenses to companies that deal with the business of converting cryptocurrencies to fiat (pesos) and vice versa. The list of licensed virtual currency exchanges can be found here.
The BSP and SEC are key agencies that will be part of the proposed cryptocurrency task force in the Senate to study fintech and virtual currencies. They are joined by the Philippine Deposit Insurance Commission (PDIC), Department of Finance, and the Cagayan Economic Zone Authority (CEZA). Keep in mind that CEZA, because it is governing an economic zone, can come up with its own rules as long as such rules do not contradict national laws. Check out this article for the difference between a BSP VCE License and CEZA’s Offshore Crypto License.
This article is published on BitPinas: After REITs, SEC Says It Is Readying Rules for Cryptocurrencies