Philippines delays publication of definitive legal framework for ICOs

The Securities Commission of the Asian country reported in an official statement that they will take more time to evaluate everything related to the new regulations

Through a statement, the Philippine Securities Commission (PSEC) reported that it has not yet released the final legislative framework for Initial Offers in Cryptocurrencies (ICOs).

According to the authorities’ report, the shareholders asked that they be given the necessary time to conduct a proper analysis of the legal proposal for the ICOs.

The SEC of the Philippines had considered, in past issues of its draft on the ICOs, that these should be registered 45 days before the presale period; in addition, the tokens issued would be considered as assets under Section 3.1 of the Financial Markets Law.

It is also expected that the Securities Commission will request a report that includes a detailed description of the proposed project with the ICOs, as well as the matter it intends to resolve in the Philippine territory.

K. Tovar

Source: Philstar

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