A new set of rules were introduced in the Philippines according to an official press release published just two days ago by the Asia Blockchain Association, regulating the Digital Asset Token Offering and in the crypto news we will find out more about the regulatory framework.
The new framework was released by the Cagayan Economic Zone Authority in the country and its aims to regulate the crypto industry but also to protect crypto investors and at the same time affecting the processes of acquiring crypto assets and security tokens. The CEZA is now the main regulator in the country.
The Digital Asset Token Offering needs to have proper documents with all of the details on who the issuer is and what the project is but also it must contain a certification of experts and professional advice. All of the tokens must be listed on the Offshore Virtual Currency Exchange that is, of course, licensed.
The rules are divided into multiple subdivisions where each one involves the investments and assets that don’t surpass $5 million made in crypto, the second one covers the $6-$10 million range and the last one covers all of the investments and assets over $10 million.
The Chief Executive Officer Raul Lambino commented on the framework:
“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.”
The Securities and Exchange Commission of the Philippines has previously issued a set of rules for regulating ICOs back in August last year and has also announced working with the Central bank in order to establish ‘’ cooperative oversight.’’
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