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.
Weekly 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.
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.