SEC Steps To Protect Investors From ICO Frauds https://ift.tt/eA8V8J

ICO frauds are one of the biggest concerns to a crypto industry. They are not only reducing the investments but also resulting in people losing interest in ICOs. The Security and Exchange Commission (SEC) in the Philippines, highlighted this concern and are now going to impose stricter regulation for ICO to make sure that the investments are more secure.

For a long time, SEC was in talks with the various experts and bodies involved in a trade for imposing regulation to reduce the frauds. After extensive studying, they have decided to firstly think on whether they want to allow investors to participate in ICO which would be offered to a resident of the Philippines. The Chairmen of SEC Emilio Aquino stated that they are very serious about the safety of investments and want to create a conducive climate for ICO investments.

He stated that they are presently considering whether or not to allow retail investors to participate. He further stated that those who want to launch their ICO would first need to register themselves with SEC. An organization would also have to set aside the budget which would prove that the organization has the capability to get into the business.

He stated the most of the times “businesses as for money” through ICO but normally they would not have a fund to establish the business. It is very important that organizations should have a platform before they plan to launch ICO.  Till the time final regulation is completed, SEC will stick to the current rules of governing contracts with a change that the entities, who are launching their ICO should be first registered with a corporate regulator to control ICO frauds.

According to a report published in Philstar Global, Aquino was appointed in June 2017 and is very serious about bringing out new regulation related to cryptocurrencies. He has been on the forefront of action with a crackdown on many ICO frauds and schemes.

The post SEC Steps To Protect Investors From ICO Frauds appeared first on OWLT Market.

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