Regulators eye cryptocurrency exchanges and ICOs

MANILA – A Securities and Exchange Commission (SEC) commissioner has expressed recently its plans to regulate cryptocurrency exchanges and initial coin offerings (ICOs) in the country to protect local investors. This is after the Bangko Sentral ng Pilipinas (BSP) has earlier this year issued a new set of guidelines for cryptocurrency exchanges.

The Manila Times earlier reported that Commissioner Emilio Aquino said in a news conference this week that ICO offerings can be considered as “securities” under the Securities Regulation Code. This move, he said, is in line with regulations passed by the U.S. SEC, and other regulators in other countries.

Earlier this year, the BSP has registered two cryptocurrency exchanges while several more are under evaluation.

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