As per reports as published by English-language local media The Philippine Star reports on Dec. 31 the Philippines Securities and Exchange Commission (PSEC) had not been ready to issue final initial coin offering (ICO) regulation. The legislation was slated for a release before the end of 2018. The article which was published makes many conjectures as to what may have caused the delay and said that requests made by different stakeholders for further time to look at the draft ICO rules may be one of the reasons. The PSEC has reportedly revised anew the proposed regulation by taking into account different shareholders’ input.
The draft guidelines by the regulatory body, outline that the tokens emitted during an ICO may be classified as securities, and “therefore, these should be registered with the Commission and necessary disclosures need to be made for the protection of the investing public.” The Philipinnes Securities And Exchange Commission also states, in the draft version about the fact that since the sale of security tokens was limited to less than 20 people in one year, or to the sale to banks, investment houses, insurance companies, and pension funds can be exempted from registration.
According to the Philippine Star article, Emil Aquino, the PSEC chairperson has however subsequently been asked as to why the entity is willing to regulate ICOs instead of banning them like in China, answered that the technology has its advantages, The Philippine Star wrote.
Only recently, Philippines 19 firms were granted provisional licenses in the Philippine Economic Zone. Even otherwise, the Philippines has been quite an active member of the crypto world, where a lot of participation is witnessed by the country.