Philippines SEC ICO Rules draft awaits public feedback

Asia Regulations The Philippines

A set of drat ICO regulations prepared by The Philippines Securities and Exchange Commission (SEC) has been published and presented for public review.

According to the draft, companies interested in running an ICO and any ICO selling tokens to the citizens of the Philippines would be obliged to present the Commission with an “initial assessment request” no less than 90 days before the “start of the pre-sale period” in order to establish whether their offering should be considered a security. Tokens distributed to fewer than 20 people or a limited number of institutional investors would be exempt from SEC registration,

The SEC set an August 31 deadline for public feedback on its draft.

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

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