ICO Regulation In Philippines Postponed To An Unconfirmed Date

In our latest crypto news, we read more about the decision brought by the Securities and Exchange Commission of Philippines to postpone the issuing of the new rules on initial coin offerings.

According to Philippine Star reports, the issuing date for the new regulation is still unknown but is expected to be somewhere in the middle of January. The Philippines SEC decided to do so after many stakeholders requested some more time in order to get to know the draft ICO regulation first. The regulator will continue to receive comments on the draft.

The draft rules were first released by the Securities and Exchange Commission back in August 2018. At the time, the commissioner Emilio Aquino noted that the rules are being drafted in a way to protect investors from fraud.

The draft rules also require all the crypto firms that are conducting initial coin offerings to register with the SEC before starting their pre-sale. Also, the rules require all ICOs to be assessed by the SEC:

‘’If the SEC finds that the tokens are indeed security tokens, and unless the ICO falls under the exemptions from registration provided under the rules or conducted exclusively through crowdfunding portals under the proposed rules for crowdfunding, the issuer must register the security tokens (registration proper) before the start of the pre-sale.’’

The rules are meant to protect investors and to ensure that all of the ICO proceedings are kept with an independent escrow agent.