The Philippines is looking to regulate ICOs – or initial coin offerings – in addition to their regulations for bitcoin exchanges.
An initial coin offering is a new way for companies and startups to fundraise capital. In an ICO, digital tokens are offered in exchange for cryptocurrencies like bitcoin and Ethereum. ICOs are an increasingly popular method of gaining financing.
The Philippines central bank has acknowledged the “strong growth potential in the space” and is in discussions with Philippines’ Securities and Exchange Commission (SEC) for methods of overseeing ICOs. SEC commissioner Ephyro Amatong confirmed the authority is “concerned about a possible unlicensed investment-taking activity or otherwise selling of investment contracts in the guide of so-called cryptocurrencies via a so-called initial coin offering.”
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