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August 2, 2018 Updated

The Philippines’ Securities and Exchange Commission (SEC) will hold a series of meetings with cryptocurrency and blockchain stakeholders in the country.



The Philippines’ Securities and Exchange Commission (SEC) will hold a series of meetings with cryptocurrency and blockchain stakeholders in the country.

SEC Chairperson Ms. Teresita J. Herbosa shared with ANC’s Business Nightly that the Commission’s meeting with the stakeholders is to help them create rules that will govern crypto and blockchain in the country and protect the Filipino people. The regulation will most likely be out around the second half of the year.

As previously mentioned, any form of token event must first be submitted to the commission for assessment. Ms. Herbosa shared”

“Because the SEC is the administrative agency with expertise to see if the investment offer is not speculative or if it is something that (people) the investing public can invest in and be protected.”
The commissioner also stated that utility tokens still need to be registered with SEC under certain situations. She explained that at times, certain groups try to recruit the public to purchase the token. These groups can be a representative or may act as a representative of the coin. If at any point the utility token’s value is promised to go up in the future, the SEC must step in.
Previously, SEC released a list of 14 unregistered illegal investment schemes in the country. The Department of Finance’s Insurance Commission also let out an official warning about cryptocurrencies. Insurance Commissioner Mr. Dennis B. Funa stated that if necessary, the IC will issue regulations as far as insurance, pre-need and HMO industries are concerned.

It is also reported that banks and business leaders are cautious about cryptocurrencies because it’s unregulated but sees blockchain, the technology that runs cryptocurrencies, interesting.

Source: ABS-CBN

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