The Philippine market regulator, the Securities and Exchange Commission (SEC), announced on Monday that a new draft regulation on digital currency exchange operations would be out this month, as the government seeks to limit the number of companies willing to offer virtual currency trading platforms in the country.
Speaking to reporters after an en banc meeting, SEC Commissioner Ephyro Luis B. Amatong said they hope to come out with final rules before the end of this year.
“We will put out a draft rule for the virtual currency exchanges hopefully within the first half of September,” he said. “Virtual currency exchanges (VCEs) have licenses similar to that of money changers. They can exchange from cryptocurrency to fiat currency. But many of the VCEs, all of the VCEs are applying to allow them to act as trading platforms. When the trading platforms come in, this is a concern of SEC that we will discuss with BSP (Bangko Sentral ng P...
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