In the Philippines, the management of the Special economic zone the province of Cagayan (CEZA) introduced a set of regulatory requirements to offer the digital assets-token (Digital Asset Token Offering, DATO). The new rules are intended to improve the efficiency of regulation of kryptonyte and the protection of investors and to promote innovation in the country. They include the acquisition of scriptaction, including utility and security tokens.
According to the document, the main regulator of kryptonyte in the country becomes CEZA, and a self-regulatory organization Asian Association of blockchain and cryptocurrency (Asia Blockchain and Crypto Association, ABACA) will help her to implement the new requirements and to enforce them. According to the head CEZA , Lambino Raul (Raul Lambino), using regulation is expected to encourage implementation of the use of blockchain technology and cryptocurrency at the level of institutional investors and the financial system.
Regulation of the activities of the organizers of the sentences tokens (DATO) suggests three levels of requirements: for projects with investments in scriptactive to $5 million, $6–$10 million and over $10 million.
From DATO in the future expect to prepare and provide to the regulator of the technical documentation giving details about the project and the Issuer, including recommendations and confirmation of certification experts, etc. And created DATO tokens should be included in the list of the licensed stock exchange for conducting offshore operations with virtual currency (Virtual Currency Exchange Offshore, OVCE).
We will remind that the Commission on securities and stock market of the Philippines intended to implement regulatory requirements for creating and trading digital currencies in 2018, but work on them was somewhat delayed. In October last year, CEZA issued Philippine cryptomeria 19 temporary licenses.
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