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.