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Philippines Unveils a Comprehensive Set of New Rules Governing Cryptocurrencies

By SiliconIndia   |   Friday, February 1, 2019
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In a bid to adequately regulate & protect investors, The Philippines, through the Cagayan Economic Zone Authority (CEZA), reveals a comprehensive set of new rules governing cryptocurrencies.

Under the novel framework, CEZA that is the principal regulating authority has approved the Digital Asset Token Offering (DATO) regulations that cover the acquisition of crypto assets, including utility & security tokens. Furthermore, The Asia Blockchain & Crypto Association (ABACA) is selected as a self-regulatory organization (SRO) to assist execute & enforce the new rules.

Speaking on the occasion,  Raul Lambino, CEZA administrator & CEO, says “It is our goal to provide a clear set of rules and guidelines that will foster innovation yet ensure proper compliance by actors in the ecosystem. It is our hope that these set of regulatory innovations will take the digital asset sector one step closer to adoption and acceptance by institutions and the traditional financial system.”

According to the rules, tokens must be listed on the licensed Offshore Virtual Currency Exchange (OVCE), and stakeholders must also have confirmed arrangements with accredited wallet providers & custodians. Moreover, all DATOs must have proper offering documents with pertinent details on the issuer, project, and accompanying advice and certification of experts & DA Agents. These new rules will give much-needed change to the industry and support innovators to use new technologies responsibly. “The safeguards built into CEZA’s rules and system will lead to greater investor protection and transparency. The involvement of DA agents and experts bring incompetent and neutral third parties into the process to help ensure issuers are truthful and accurate,” adds Lambino.

ABACA, as a newly-appointed SRO, will support the government regulate cryptocurrency companies by adequately converting industry players into enforcers. "The SRO model allows industry players to police its own ranks while also promoting and protecting the interests of cryptocurrency investors. The rules will remain stringent in assessing the ethics and integrity of companies eyeing to launch digital Asset Token Offerings,” says Ma. Juanita Cueto, Chairperson, ABACA.

A self-regulatory organization(SRO) granted under the authority of the Cagayan Economic Zone Authority (CEZA), ABACA self-regulates the code of ethics & compliance with best practices and industry standards for the financial technology firms.

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