The Securities and Exchange Commission of the Philippines (SEC) has approved a draft of new rules for an initial coin offering (ICO), which will form the basis for legal operations with cryptocurrencies in the country, Emilio Aquino, chairman of the SEC, said at a press conference in Manila on August 2.

The rules consist of 12 paragraphs. According to the draft, tokens issued by cryptocurrency companies for the initial coin offering must comply with section 3.1 of the Philippine Securities Regulatory Code. It indicates that the tokens must be registered in the SEC with all the necessary information to protect investors.

Screenshot of the press release from the website sec.gov.ph

Many organizers of the ICO state that tokens cannot be equated to securities and they are out of the SEC jurisdiction. This situation can be called dangerous for investors. They can get trapped by the fraudsters without the complete information on the digital asses. So until proven otherwise, the tokens will be equated to securities, the Commission said.

Screenshot of the press release from the website sec.gov.ph

Emilio Aquino was appointed Chairman of the SEC in June 2018. Previously, he served as commissioner and fought crime in the cryptocurrency sphere. Scammers usually assure investors of big profits, but these promises are often too good to be true, said Akino.


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