Philippines’ Cagayan Economic Zone Authority (CEZA) announced new regulations governing cryptoassets in country that promote greater transparency

Briefing

Philippines' Cagayan Economic Zone Authority (CEZA) announced new regulations governing cryptoassets in country that promote greater transparency

February 13, 2019

Briefing

  • Crypto Regulations – Philippine regulator Cagayan Economic Zone Authority (CEZA) announced new Digital Asset Token Offering (DATO) regulations that will govern acquisition of cryptoassets, including security and utility tokens, in country
  • Transparency and Documentation – Requires creators of cryptoassets and Initial Coin Offerings (ICOs) to provide clear offer documents, which include details on issuer, project, as well as advice and recommendations from industry experts
  • Dedicated Exchange – Set up Offshore Virtual Currency Exchange (OVCE) where issuers can list tokens on platform
  • Partnerships – Will partner with regulator Asia Blockchain and Cryptocurrency Association (ABACA) to monitor and enforce compliance to regulations, as well as fintech firms to remain updated on innovation in crypto space
  • Regulation Goals – Include protection of investors and promotion of innovation in cryptoasset industry

Accelerator

Market Disruption

Sector

Financial Services

Organization

Asia Blockchain and Cryptocurrency Association (ABACA), Cagayan Economic Zone Authority (CEZA)

Source

Original Publication Date

February 6, 2019

Leave a comment