The Philippines Securities and Exchange Commission (PSEC) has once again delayed the much-awaited regulations for Initial Coin Offerings (ICOs) in the country. According to The Phillippine Star, a local English daily, the ICO regulations have been postponed even though the government had agreed to release them by the end of 2018.
According to the PSEC itself, the regulator is working with different stakeholders and needs more time to draft a new set of regulations for the industry. The body also hinted once that ICOs may be designated as securities and therefore must be approved by them.
But, the regulator has also shown flexibility in other matters and stated that the sale of tokens to less than 20 people or entities in one year, sales to banks and investment agencies as well as pension funds can be exempted from registration.
Perhaps it is due to this indecisive attitude that the regulator is facing difficulties in reaching a consensus on the new rules. According to Emil Aquino, president of the PSEC, the sector has its benefits and banning them like China is not the best solution to the problem. The government has also allowed more than 10 blockchain companies to set up their offices in the special economic zone Cagayan. Three cryptocurrency exchanges have already been granted licenses to operate in the country.
But, much clarity is still needed in the ICO sector as most countries frown upon them due to their lack of control on them as well as fears of money laundering activities taking place in the garb of ICOs. The Philippines crypto sector will continue to wait for the new rules before determining the future course of action.
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