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.”
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.