Philippines: Regulator Expects Draft Cryptocurrency Exchange Laws Within 2 Weeks

Filipino cryptocurrency exchanges could see draft rules outlining their treatment as trading platforms as soon as next week, the country’s financial regulator told local media last week.

‘Regulate Them As Trading Platforms’

As The Manila Times reports September 3, the Philippines’ Securities and Exchange Commission (SEC) plans to release “draft rules” governing exchanges, which currently operate on a case-by-case approval basis, by the middle of the month.

“We see the need to regulate them as trading platforms,” SEC Commissioner Ephyro Luis Amatong said.

The news marks the latest step in the Philippines’ gradually softening stance towards cryptocurrency entities under its jurisdiction.

In early August, the SEC produced similar tentative rules for ICO operators in the country, opting for a public feedback model to assess their potential. The final version of that legislation should appear next week, Manila Times says.

For exchanges, meanwhile, the SEC has a plan…