Bitcoin (Bitcoin) and other digital assets may be considered securities and be regulated under the existing security laws in the Philippines, Cryptovest reported.
"The direction is for us to consider this so-called virtual currencies offerings as possible securities in which case we will apply the Securities Regulation Code," announced Emilio Aquino of the Philippines Securities and Exchange Commission (SEC).
"Initial coin offering — depending on the facts and circumstances in which the offering is made especially in raising capital — may be considered as securities, in which case they cannot just be offered without registering with SEC," announced Aquino.
The securities regulator has been looking at the issue of digital assets and has consulted the Central Bank for the right approach.
Governor of the Central Bank of Philipinnes (BSP) Nestor Espenilla, Jr. said they “have an open-minded approach to fintech (financial technology). This means that we take a very active role in ensuring thatour policies provide opportunities for innovation.”
“Today, there are two virtual currency exchangers registered with the BSP and several more are under evaluation,” the central banker emphasized.