Another Crypto Regulatory Tightening in Asia
January 30, 2018
Philippine Security and Exchange Commission declared elaborating crypto transaction state regulation policy which is aimed at protecting local investors together with reducing fraud risks.
The policy is planned to come into effect later this year and is applied to issuing and registering cryptocurrencies.
“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”, Commission member Emilio Aquino said.
Asian countries are notable for more heavy-handed crypto regulation: China banned ICO procedure and closed all local crypto exchanges, South Korea is going to act likewise, Japan plans to tackle all crypto exchanges amid reports Coincheck got hacked and lost $534 mln.
As Aquino, in the course of this regulation manuals on cyber security and crypto market matters will be issued investors to upgrade their financial awareness. He also noted, so far the country has seen no license granted for issuing and trading tokens so there will be investigation of possible illegal trading held.
“Unfortunately, there have been a lot of cases where ICO promoters vanish into thin air. We don’t want that to happen here”, Aquino claimed.