Global blockchain software company Consensys has called on Philippine market regulators and policymakers to find ways of adapting traditional securities laws to blockchain so as to deliver rules that will promote the innovative technology while also protecting investors, according to a letter of which Cryptovest has received a copy.
Consensys wrote to the Philippines Securities and Exchange Commission (SEC) after the regulator asked for feedback from stakeholders about its draft rules on initial coin offerings (ICOs). The SEC invited opinion early in August, saying at the time:
“Despite being analogous to securities, the present registration process for initial public offering [IPO] may not be tailor fit for the initial coin offering. Hence, the proposed rules have been formulated for the registration of security tokens offered through initial coin offerings.”
Consensys legal counsel Patrick Berarducci said the company agree...
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