Philippines Introduces Cryptocurrency Regulatory Framework Aimed At Investor Protection
The Philippines has become the latest nation to issue a cryptocurrency regulatory framework through the Cagayan Economic Zone Authority, with the Asia Blockchain and Crypto Association becoming the self-regulatory organization to enforce the new regulations.
The principal aim for this framework is investor protection, as well as general cryptocurrency regulation with the rules affecting issues such as the acquisition of crypto assets, including utility and security tokens.
The framework provides for three tiers of investments and assets with each classification being subject to different levels of regulation.
These new regulations are the first step for a more robust blockchain and cryptocurrency framework in the Philippines.
By having regulators and law enforcement agencies co-operate, it is possible to draft legislation that promotes and protects the cryptocurrency community in the Philippines.
Darryn Pollock’s original article for cryptoslate.com reduced by 64%
Related article: UK Crypto Liquidity Provider Receives Financial Regulator’s Approval (cointelegraph.com)
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