The Philippine Securities and Exchange Commission announced on Monday that it is preparing rules to regulate cryptographic money transactions to protect investors and reduce the risk of fraud.
According to Reuters, the regulation, which covers the use of crypto money, is expected to be passed on by the end of this year.
Commissioner Emilio Aquino, the SEC’s executive and investor protection group, said at a press conference:
” We want to prepare our own regulations. The regulations are now in the draft phase. Regulations need to pay attention to how these new underground investors can be protected. The usual vision of the Commission has been to promote innovation. However, crypto money and ICOs have to be enacted. ”
Also, the SEC president insisted on the security of investors and the regulation to be made, and it was stated that the crypto currencies would be recorded before the end of this year. Regulations to be made according to news sources include regulations on the crypto money market and the protection of investors.
Over the past several months, however, Philip Global, a local news source in the Philippines, has suggested that ICOs may register with the SEC because it sees cryptographic currencies as securities.