Blockchain stakeholders in the Philippines welcomed the draft rules put forward by market regulator the Securities and Exchange Commission (SEC) on Initial Coin Offerings (ICOs) that finance blockchain projects, describing the move as the right step forward.
“I think it’s great that SEC is finally able to understand the different intricacies involved in an ICO not only for their own understanding but also to protect the consumer,” Mariano Jose Diaz Villafuerte IV. CEO of CypherOdin Inc. and Botcoin told Cryptovest.
“We are very excited, and we welcome this proposed regulation,” LoyalCoin CEO Patrick Palacios told Business World Live adding that the world views the Philippines as a welcoming country for blockchain and crypto.
They were reacting to the draft rules issued by SEC on Thursday on ICOs aiming to regulate cryptocurrencies and digital tokens trading.
“Despite being analogous to securities, the present registration process for initial public offering [IPO] may not be ta...
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