Philippines plans ICO regulation

The Philippines considers regulating of initial coin offerings (ICOs)
04 December 2017   1039

Since November, the Securities and Exchange Commission (SEC) is in negotiations with the Bangko Sentral ng Pilipinas (BSP), concerning the licensing of cryptocurrency exchanges and ICOs.

According to BSP Governor Nestor Espenilla, companies aim to promote ICOs and serve as a central counterparty for tokens trade to explore the benefits of this realm.

The use of bitcoin and altcoins is rapidly increasing. Bangko Sentral estimates remittance transactions using bitcoin are now worth about $6 million a month, three times the volume seen last year and it drew attention of local regulators.

Philip 04.12.17 btc volumeWeekly LocalBitcoins Volume (Philippine Peso)

The SEC is concerned about possible unlicensed investment-taking activity or otherwise selling of investment contracts in the guise of so-called cryptocurrencies via a so-called initial coin offering.


Ephyro Amatong

Commissioner of the Securities and Exchange Commission (SEC)

Bangko Sentral in February asked businesses using digital currencies to register as a remittance company and report suspicious transactions. Nestor Espenilla said that companies had welcomed that development.

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CFTC to Issue ICO Investor Advisory

Before buying coins, you need to thoroughly study their nature and understand what factors can affect their price, CFTC advises 
17 July 2018   113

The US Commodity Futures Trading Commission (CFTC) published a document with recommendations for potential investors in ICO projects and token buyers. This is reported by Coindesk.

The agency's document says that before buying coins, you need to thoroughly study their nature and understand what factors can affect their price.

Also, a potential buyer should remember that, depending on the structuring, some tokens can be derivatives, commodities or securities.

Buying digital coins or tokens only because you expect to sell them at a higher price later is the definition of speculation and carries considerable risk, regardless of how good a white paper, application or business plan sounds. Unfortunately, fraud is another significant risk to consider. Your best protection is to thoroughly research digital coins or tokens and exercise caution. 

CFTC ICO Advisory

The guide also states that before investing in the ICO, it is necessary to find information about the organizers of the project, and also to find out whether they themselves participate in their  ICO.

Representatives of the agency also refer to the study, according to which more than 50% of ICO start-ups ceased to exist during the first four months after the end of the token.