The SEC (Philipines) are working with their counterparts in the U.S. and Australia to develop new regulations for cryptocurrencies.
This framework will be designed to handle and manage the local use and trading of cryptocurrencies, but sources also say that a large amount of the regulation will focus on ICO’s.
The regulations are currently only in the drafting stage but will be released in 2018. Very few details are currently available however it seems that there will be strict registration requirements for any company wanting to launch an ICO.
This, the SEC insists is to protect investors. In recent times we have had many fake ICO’s, scams and failed projects where founders and teams simply cash out the cryptocurrencies sent to them, often Ethereum, and disappear.
Emilio Aquino, the SEC commissioner has stated that regulators are keeping an open mind about distributed ledger technologies, as well as virtual currencies. In the Philipines, remittances are very common, with around 10 million Filipino’s worldwide making use of them to send money back home to support their families. Virtual currencies have the potential to help these people and their families spend less on fees each month, bringing more income directly to the family.
This is another positive step for cryptocurrencies as another (generally) authoritarian government chooses to approach this new technology with an open mind.