The Philippines’s Securities and Exchange Commission (SEC) is reportedly setting out the rules on cryptocurrency exchange and initial coin offering (ICO) within the second quarter of 2018.
SEC Commissioner Ephyro Luis B. Amatong revealed that the guideline is possibly delivered to public before June, according to local Business World News.
The second round of public consultations for the draft rules on ICO has been recently completed. Accordingly, ICO is defined as “distributed ledger technology fund-raising operations involving the issuance of tokens in return for cash, other cryptocurrencies or other assets.”
Companies raising money through ICO projects includes start-ups, domestic corporations and foreign enterprises. The guideline also requires a prospectus containing the corporation background, financial statements, the management of funds raised through ICOs, and the risks involved in the projects.
Fundraising projects will be under evaluation of commission if tokens offered are considered as securities, providing investors with additional protection.
Amatong said they will soon released the proposed rules for crypto exchanges for public discussion. The commission also took note of the existing rules in USA, Australia and Switzerland.
Early this year, Thailand has issued its first patch of licenses to four cryptocurrency exchanges: Bx, Bitkub, Coins and Satang Pro.