A principal regulator in the Philippines has announced: “The direction is for us to consider this so-called virtual currencies offerings as possible securities in which case we will apply the Securities Regulation Code,” the country’s Commissioner, Emilio Aquino, of its Securities and Exchange Commission (PhSEC), signaled on 21 November. Movement towards proper legalization comes after much consideration and monitoring, along with consultation with its central bank.
Philippines Ready for Crypto Revolution?
Perhaps looking to its prosperous neighbor, Japan, the Philippines seems ready to welcome a cryptocurrency revolution within the archipelago.
Agricultural firm Calata Corp. was recently stripped from its formal stock exchange for improprieties, and has since taken the latest craze in public fundraising, the initial coin offering (ICO), hoping to market Calcoins. ICOs are enjoying massive growth nearing upon 4 billion USD this year. It appears Philippine regulators are aware.
Commissioner Aquino continued, “This initial coin offering — depending on, as said, the facts and circumstances in which the offering is made especially in raising capital — may be considered as securities, in which case they cannot just be offered without registering with SEC.” […]