SEC commissioner Emilio Aquino said that his agency could categorize ICO offerings as "possible securities" that would come under the Securities Regulation Code.
The commissioner also stated that the SEC is currently in negotiations with the Bangko Sentral ng Pilipinas (BSP), the country's central bank, concerning the licensing of cryptocurrency exchanges.
There are at least five or six companies which have already been registered and endorsed by the BSP but these are limited [only] to money services businesses to address remittances being done by OFWs (overseas Filipino workers) to bring down the cost.
Commissioner of the Securities and Exchange Commission
Nestor Espenilla, Jr., central bank governor, pointed out that BSP has an "open mind" towards fintech developments and bank take a very active role in ensuring that policies provide opportunities for innovation.
Earlier this year, the central bank released new guidelines for bitcoin exchanges operating in the country, suggesting that exchanges need to register with BSP and the country's Anti-Money Laundering Council Secretariat, and will be subject to "registration and annual fee services".
Similar regulations are in Thailand, Malaysia and Hong Kong. The approach is different from the hostile ban in countries such as Morocco, but still leaves room for ensuring ICOs offer better quality.