Philippines Could Regulate (Legalize) Bitcoin as a Security

After issuing regulations for the cryptocurrency industry earlier this year, Philippine authorities are considering further steps to expand the use of digital currencies like bitcoin in the country.

In a news conference this week, the country’s Securities and Exchange Commission (SEC) commissioner Emilio Aquino revealed the authority’s intent to consider cryptocurrencies as securities, effectively bringing them under regulatory code, the Manila Times revealed.

“The direction is for us to consider this so-called virtual currencies offerings as possible securities in which case we will apply the Securities Regulation Code,” Aquino was quoted as stating. The heightened frenzy and increasing popularity surrounding initial coin offerings has pushed authorities to lay down new rules to protect consumers, the official added.

He added:

We have seen particularly in the social media sites that there are offers of initial coin offerings, most popular of which, of course [are] bitcoin and Ethereum…but [there are] new ones which may be considered as securities.

The SEC is taking cues from present regulations enforced by its counterparts in the United States, Malaysia, Hong Kong and Thailand, Aquino added.

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