As per local media, the Security and Exchange Commission (SEC) of Philippines is planning to release new trading rules for digital currency exchanges in the coming days.
The Manila Times states that SEC Commissioner Ephyro Luis Amatong said to journalists that the rules are set to be announced “by the end of next week,” however an exact date hasn’t been specified.
The regulator in the nation has been thinking of multiple ways of regulating the digital currency space for the better part of two years, a process that has witnessed officials putting together a framework for initial coin offering (ICO) and the actual registration of digital currency exchanges. The following ruleset is focused on exchanges that offer trading services.
Ephyro Luis Amatong quoted, “We see the need to regulate them as trading platforms.”
Although, the suggested rules for ICOs are too expected to be released in their final form next week.
There is another reason that the Philippines is seeking to formalize its exchange rules: the potential for millions of dollars worth of revenue as license fees.
The agency’s senior deputy administrator has stated that the CEZA charges $360,000 for the principal license and $85,000 for a regular one, opening the door to a possible revenue stream for the government.
As reported earlier, the authority that governs the Philippines Cagayan Special Economic Zone and Freeport is planning to earn $67 millions by such issuance.