The Philippine Securities and Exchange Commission ( SEC ) making plans to release new cryptocurrency trading rules in the next few days.
According to the ” Manila Times ” report, Securities Commission Commissioner Ephyro Luis Amatong told reporters that these rules will be announced ” below next weekend, ” but the exact date is not yet clear.
Regulators in the country have considered ways to regulate the cryptocurrency space for two years, in the process of integrating the initial coin product ( ICO ) framework and the actual registration of cryptocurrency exchanges. The forthcoming regulations are aimed at exchanges that provide trading services.
In addition, the proposed ICO rules will also be released in final form next week.
Another reason for the Philippines to seek to formalize its exchange rules is to obtain millions of dollars in revenue in the form of license fees.
As CoinDesk reported earlier this summer, the goal of managing the Cagayan Special Economic Zone and Freeport in the Philippines is to earn $67 million through such an issue.
The agency’s senior deputy executive said that CEZA charged a $ 360,000 primary license and an $ 85,000 regular license – a move that opened the door to the government’s potential revenue stream.