Philippines introduces new regulatory framework for tokens

The nation introduced a new set of rules that govern the Digital Asset Token Offering (DATO)

The new regulations are designed to regulate the cryptographic ecosystem and protect investors, affecting issues such as the acquisition of cryptoactives, including tokens of utility and value. The regulatory framework was published by the Cagayan Economic Zone Authority (CEZA) of the Philippines.

According to the law, all the DATO must have adequate bid documents with details about the issuer, the project, the advice and the certification of the experts. Likewise, the tokens must be listed with a patent on the Offshore Virtual Currency Exchange (OVCE).

The new regulations are divided into three levels. Level one corresponds to investments and assets that do not exceed 5 million dollars in digital tokens. Level two covers the range of 6 to 10 million dollars and the last one refers to investments and assets that exceed 10 million dollars.

In principle the statement does not mention the initial regulation of the supply of currencies (ICO) but the Securities and Exchange Commission (PSEC) of the Philippines was talking about it for a while, the new rules could represent a step to be able to do it.


Source: Cointelegraph

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