The Philippines' Securities and Exchange Commission is developing rules to regulate cryptocurrency transactions. The regulation, which will cover issuance and registration of cryptocurrencies, is expected to be finalised this year, Reuters reported.
"We need to act because ICOs are sprouting especially in 2017. We want to come up with our own set of regulations," Emilio Aquino, SEC commissioner in charge of enforcement and investor protection news conference, told a press conference.
"You have to be extra careful how investors in this new space are protected," he said.
The regulation on ICOs will include guidelines on cybersecurity of cryptocurrency markets, eligibility of issuers including the officials and technology utilized, and financial literacy of investors, Aquino said.
The Commision said the measure is meant to protect investors and reduce the risk of fraud, considering that ‘there have been a lot of cases where ICO promoters vanish into thin air.’