The Philippines’ Securities and Exchange Commission announced that it’s working on regulating cryptocurrency transactions. Their aim is to protect investors and reduce the risk of fraud. This regulation is expected to be out by the end of this year.
“We need to act because initial coin offerings (ICOs) are sprouting especially in 2017. We want to come up with our own set of regulations. You have to be extra careful how investors in this new space are protected.”
– commented Emilio Aquino, SEC commissioner in charge of enforcement and investor protection.
Regulation on ICOs will include recommendations on cyber security of the cryptocurrency markets, the acceptability which are releasing including officials and technology used, and financial literacy of investors, Aquino has told.
“Unfortunately, there have been a lot of cases where ICO promoters vanish into thin air. We don’t want that to happen here,”
– Aquino said.