The Philippine market regulator, the Securities and Exchange Commission (SEC) on Thursday released its draft rules on Initial Coin Offerings (ICOs) to regulate cryptocurrencies or digital tokens trading.
“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,” the SEC said.
The regulator said the proposed rules shall primarily govern the conduct of ICOs, where startups issue convertible security tokens and registered corporations organized in the Philippines, as well as companies that want to sell their platform to local investors.
At the same time, the SEC is seeking feedback from banks, investment houses, the investing public and all interested parties before...
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