Philippines to Protect Cryptocurrency Investors

Philippines SEC is working on the advanced transaction rules for cryptocurrency and ICO
30 January 2018   487

Philippines Securities and Exchange Commission has confirmed that the work on cryptocurrency protection is in progress as it is necessary to defend investors and decrease the fraud risks.

Emilio Aquino, Philippines’ SEC commissioner, stated the Government will establish new rules this year. That means cryptocurrency and ICO will not just determine the security and safety, but the Commission will monitor registration and issuance of cryptocurrencies.

The SEC chief insists that the proposed mechanisms should ensure investors protection and control fraud, targeting unverified, unlicensed sellers. Also, it will be developing new approaches to provide cybersecurity of cryptocurrency markets.

A cease-and-desist order against ICO was published last week after cryptocurrency operators refused the regulator’s approval. As told by Emilio Aquino, the Commission has always been fostering innovation. He noticed the regulator was taking a special approach to the cryptocurrency sector.

Philippines SEC cooperates with the Bangko Sentral ng Pilipinas (BSP) to establish rules on cryptocurrency investments including the control of Bitcoin and other cryptocurrencies.

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Singapore's Watchdog to Warn Crypto Exchanges and ICOs

MAS says it has cautioned the exchanges to seek authorization if trading digital tokens that are regulated under the Securities and Futures Act 
24 May 2018   43

The Monetary Authority of Singapore (MAS), which performs functions of country's central bank, warned eight local crypto exchanges about the inadmissibility of futures contracts trading and digital tokens with the properties of securities without proper authorization from the regulator. This is reported on the Coindesk.

MAS representatives note that if the tokens traded on Singapore exchanges have properties that allow them to be classified as assets subject to the Securities and Futures Act (SFA), the trade in such coins must be immediately terminated before the regulator is given permission to operate as a authorized financial market operator.

If the digital tokens constitute securities or futures contracts, the exchanges must immediately cease the trading of such digital tokens until they have been authorised as an approved exchange or recognised market operator by MAS.

Monetary Authority of Singapore

In addition, local organizers of initial coin offerings (ICO) have also been warned about the inadmissibility of raising funds in Singapore. According to the regulator, ICO-tokens are equity instruments in the assets of companies, and therefore fall within the scope of SFA.

If any digital token exchange, issuer or intermediary  breaches our securities laws, MAS will take firm action. The public should be aware that there is no regulatory safeguard if they choose to trade on unregulated digital token exchanges or invest in digital tokens that fall outside the remit of MAS' rules.

Lee Boon Ngiap

Assistant managing director, MAS

According to representatives of MAS, not only issuers of ICO-tokens, but also other platforms that are intermediaries in the exchange of such assets and contribute to their dissemination, can bear responsibility.