A new set of rules in regard to Digital Asset Token Offering (DATO) was introduced in the Philippines. According to a press release dated February 4, the new regulations are designed to regulate the industry and protect investors.
The new set of rules, released by the Cagayan Economic Zone Authority (CEZA) also touches on the acquisition of crypto assets (including utility and security tokens). The introduced rules make CEZA the main regulator, while the Asia Blockchain and Crypto Association (ABACA) has been designated as a self-regulatory organization (SRO) enforcing the new framework.
“It is our goal to provide a clear set of rules and guidelines that will foster innovation yet ensure proper compliance by actors in the ecosystem. It is our hope that these set of regulatory innovations will take the digital asset sector one step closer to adoption and acceptance by institutions and the traditional financial system,”
There was no mention of the initial coin offering (ICO), however, the release of those regulations is definitely a step in the right way.
The Philippines Securities and Exchanges Commission (PSEC) claimed that it isn’t ready to issue the ICO regulations as of the start of 2019 yet, despite the previous announcement that it would be ready in 2018.
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