Philippines Make Steps To Regulate Cryptocurrency Trading

Today, the Securities and Exchange Commission of Phillippines said it is making rules for cryptocurrency transactions regulation. The purpose is to protect investors and weaken the risk of fraud.

Emilio Aquino, the SEC commissioner in charge of enforcement and investor protection said the regulation is expected to be finalized this year.

Authorities mainly from Asia, have made attempts to reinforce the trading of cryptocurrencies- a form of digital money created and maintained by its users.

China has banned Initial Coin Offerings (ICOs) and shut down local trading platforms, while South Korea is working on steps to ban virtual coin exchanges.

Aquino said the ICOs regulation will include guidelines on cybersecurity of cryptocurrency markets, eligibility of issuers including the officials and technology utilized, and financial literacy of investors.

“Unfortunately, there have been a lot of cases where ICO promoters vanish into thin air. We don’t want that to happen here,” Aquino said.

Last week hackers stole about $530 million from Tokyo-based cryptocurrency exchange Coincheck Inc, which is the one of biggest thefts of digital coin.