The Securities and Exchange Commission affirms its commitment to release regulations for Initial Coin Offerings (ICOs) and Virtual Currency Exchanges by June 2019.
The 37-page draft rules have updates ranging from the definition “blockchain”, clarification on escrow agents, and what constitutes a startup.
The Philippines’ Securities & Exchange Commission is still accepting comments & position papers from the public about its proposed ICO rules.
All eyes focused on the Philippines as the govt works to formalize ICOs. This meetup group discusses the draft ICO rules and raises some points to consider.
The draft has provisions on the types of tokens, registration processes and assessment for ICOs, reporting requirements, and conditions for exemption.
Its CEO, Mr. Anti Danilevski, promised a complete refund of all stolen tokens worth around $7.7 million.
Out of the total number of studied ICOs, only 48% of them got declared figures higher than 0 capital raised.
The research also gives some reasons why ICOs have increased in 2018 despite the downturn in cryptocurrency prices.
Smartphone maker Xiaomi denies any knowledge or involvement with a new initial coin offering that sells tokens pegged to its stock price in the HKSE.
The social networking site said it imposed the ban because ICOs and related advertisements are “often associated with deception and fraud”.