Philippines to consider Bitcoin as security

The Philippines is considering legalizing Bitcoin and other digital assets as securities to be regulated under existing security laws.

According to cryptocurrency news outlets, Commissioner Emilio Aquino of the Securities and Exchange Commission said that the direction was to “consider this so-called virtual currencies offerings as possible securities in which case we will apply the Securities Regulation Code.”

It is understood that the recent play by Calata Corp to list on a bitcoin exchange with an initial coin offering of ‘Calcoins’ got the attention of the SEC.

Regarding the ICO, Commissioner Aquino continued, “This initial coin offering — depending on, as said, the facts and circumstances in which the offering is made especially in raising capital — may be considered as securities, in which case they cannot just be offered without registering with SEC.”

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

“That’s the direction we’re taking, basing on the present regulations passed by the US SEC, our other counterparts in Malaysia, Hong Kong and Thailand.”

More news from this jurisdiction

PhilippinesWednesday, Dec 13, 2017

E-games operator PhilWeb Corporation on Tuesday announced it has acquired three PAGCOR eGames sites.

PhilippinesMonday, Dec 04, 2017

E-games software supplier Philweb disclosed on Monday that it has received a letter from the PAGCOR which allows it to offer its services to the first 16 PAGCOR-licensed gaming sites for electronic games.

PhilippinesTuesday, Nov 28, 2017

BMM Testlabs has announced that it has been officially licensed by the Philippine Amusement and Gaming Corp (PAGCOR) to evaluate, test and certify online gaming systems and games for Philippine Offshore Gaming Operator (POGO) licensees.

PhilippinesSunday, Nov 26, 2017

The Philippine Amusement and Gaming Corporation (Pagcor) says it is projecting gross income to reach P61 billion (US$1.2 billion) in 2017.

PhilippinesThursday, Nov 23, 2017

The Cebu City Council has reportedly endorsed an application for Universal Hotels and Resorts (UHRI) to develop and operate an integrated resort and casino facility in the area.

PhilippinesMonday, Nov 20, 2017

Philippine technology firm DFNN saw its earnings continue to surge at the end of September, with net income for the first three quarters of 2017 reaching P121.3 million, up 15,062 percent compared to the prior-year period.

PhilippinesTuesday, Nov 14, 2017

Bloomberry Resorts would see its debt levels rise and a reduction in return on invested capital in the short term if it buys the land on which its Solaire Resort & Casino is based, though longer term it may improve valuations, according to Morgan Stanley.