Philippines Joins the Ranks of Countries Regulating ICOs

Initial coin offerings (ICOs) can easily net millions of dollars from enthusiastic investors, but a number of countries are starting to regulate them. The Philippines is the latest country to join this growing club.

The vast surge in cryptocurrency value and popularity, especially Bitcoin, over the last couple of years took many sovereign governments and major financial institutions by surprise. The blockchain has led to a massive explosion in platforms, each looking to generate revenue through a token sale. While slow to react to this new phenomenon, a number of countries are starting to regulate these initial coin offerings (ICOs), and the Philippines is the latest one to join this list.

 

Bitcoin Extremely Popular in the Philippines

The central government in the Philippines has been looking pretty hard at cryptocurrency and ICOs for some time. The primary reason for this is that so many Filipinos working abroad have been using Bitcoin and other digital currencies to send money home as it’s quicker, easier, and cheaper than using banks.

The increasing use of cryptocurrency led the country’s Securities and Exchange Commission to begin looking at ways to regulate ICOs and exchanges in order to protect consumers. SEC Commissioner Emilio Aquino recently said: […]

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