Bitcoin Philippines | Blockchain News Philippines | Cryptocurrency News
The Securities and Exchange Commission affirms its commitment to release regulations for Initial Coin Offerings (ICOs) and Virtual Currency Exchanges by June 2019.Â
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The 37-page draft rules have updates ranging from the definition “blockchain”, clarification on escrow agents, and what constitutes a startup.
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The Philippines’ Securities & Exchange Commission is still accepting comments & position papers from the public about its proposed ICO rules.
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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.
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The draft has provisions on the types of tokens, registration processes and assessment for ICOs, reporting requirements, and conditions for exemption.
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Its CEO, Mr. Anti Danilevski, promised a complete refund of all stolen tokens worth around $7.7 million.
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Out of the total number of studied ICOs, only 48% of them got declared figures higher than 0 capital raised.
Read more The research also gives some reasons why ICOs have increased in 2018 despite the downturn in cryptocurrency prices.
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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.
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The social networking site said it imposed the ban because ICOs and related advertisements are “often associated with deception and fraud”.
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