In mid-September the Securities and Exchange Commission of the Philippines (SEC) will publish bills concerning the regulation of the crypto industry in the country.
According to SEC Commissioner Efiro Luis Amatonga, crypto-exchanges will receive the status of “traditional trading platforms.”
Experts of the Central Bank also participated in drafting the legislation. The model of the cryptocurrency regulation of Australia and Switzerland was taken as a model. It is assumed that the SEC and BSP will monitor the activities of the crypto-exchange platforms.
The acceptance of proposals from local representatives of the crypto industry regarding the new bill was completed on August 31.
Recently in early August, the SEC published a draft regulation rules for the scope of Initial Coin Offering (ICO). In particular, the new rules suggest “by default” to treat ICO-tokens as securities, if their issuers can not prove the opposite.