Published on August 2nd, 2018 | by bitcoin0
Public Feedback Requested After Draft of Ico Rules Issued by Philippines Securities Regulator
The Philippines Securities and Exchange Commission (SEC) has published a set of draft rules for regulating Initial Coin Offerings (ICOs) for public review, according to an official statement August 2.
According to the memorandum, the proposed regulatory framework for ICOs intends to combat fraudulent ICO projects and protect investors from scams.
The Philippines SEC has repeatedly suggested regulating crypto assets under the country’s securities laws since first proposing to do in late 2017.
Aiming to create an Asian “Silicon Valley,” the authorities have allowed ten blockchain and crypto firms to operate in the zone.
In July, the CEZA granted provisional licenses to three cryptocurrency exchanges in the zone, expecting to attract $3 million in investments following the issuance.