Philippines SEC will issue laws and regulations on cryptocurrency transactions

According to Reuters, on the afternoon of January 29, the Philippine Philippines SEC (Securities and Exchange Commission) said on Monday that the department is drafting regulations regulating cryptocurrency transactions to protect investors and reduce the risk of fraud. Emilio Aquino, an officer in charge of law enforcement and investor protection at the Philippine Commission, said the rules would include a section on cryptocurrency issues and registrations, which is expected to be set this year.

Aquino stated at a press conference:

“We want to come up with our own set of regulations. You have to be extra careful how investors in this new space are protected. You have to be extra careful how investors in this new space are protected. The regulation on ICOs will include guidelines on cybersecurity of cryptocurrency markets, eligibility of issuers including the officials and technology utilized, and financial literacy of investors.” 

Global regulators have tried to rein in the global boom in cryptocurrencies, such as Bitcoin, especially in Asia. China has banned ICO and closed its local trading platform. South Korea is also monitoring the virtual currency transaction.