Plans to classify cryptos as securities under consideration in the Philippines

Asia The Philippines

During a recent press conference, The Philippines’ Securities and Exchange Commission (SEC) Commissioner Emilio Aquino revealed plans to classify cryptocurrencies as securities are under consideration.

“The direction is for us to consider this so-called virtual currencies offerings as possible securities in which case we will apply the Securities Regulation Code.  The heightened frenzy and increasing popularity surrounding initial coin offerings have pushed authorities to lay down new rules to protect consumers,” he said.

The agency is using examples of regulations from the USA, Malaysia, Thailand and Hong Kong to form its own directives, said Aquino.

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].

Leave a Comment

Coinlaw Newsletter

Whether you are a law firm, founder gearing-up for a token offering, or a crypto currency trader, subscribe to the biggest crypto legal newsletter to be informed of the latest developments in each and every jurisdiction