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Philippines: Securities and Exchange Commission Consults on Rules for ICOs

On August 2, 2018, the Securities and Exchange Commission (SEC) launched a consultation on a draft Memorandum Circular with proposed rules regulating the registration of initial coin offerings (ICOs). The proposed paper aims to tackle fraudulent ICOs and protect investors, providing guidance on how ICOs must be conducted, including reporting requirements.

The draft defines “virtual currency” as follows:

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