The Philippines Are Preparing To Regulate Cryptocurrency Exchanges As Trading Platforms

The head of the Philippine Securities and Exchange Commission (SEC) is targeting draft rules for domestic crypto-exchange exchanges for several weeks before the rules are completed at the end of this year.

The crypto-exchange markets in the Philippines can soon operate as regulated trading platforms, as the authorities are actively seeking to protect investors and to provide an inclusive ecosystem for the prosperity of the country’s cryptocurrency.

When crypto-exchanges will be regulated as trading platforms, cryptocurrency traders and investors will be given greater protection of their assets. In addition, start-ups and companies will also be able to attract finance with the help of primary coin offers (ICO), a radically new form of fund-raising supported by cryptocurrencies.

The Securities and Exchange Commission (SEC) is in the process of completing its ICO rules and crowdfunding next week, when startups wishing to conduct an ICO will have to register as a corporation. Foreign issuers of ICO will also see a mandate to establish a branch in the Philippines.