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Philippines Eyes Rules for Coin Offerings as Bitcoin Use Surges

  • Central bank, securities regulator in talks on ICO oversight
  • Bitcoins worth $6 million remitted each month: central bank
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Bitcoin: What’s Coming in the Year Ahead

The Philippines is looking at regulating so-called initial coin offerings, as the use of cryptocurrencies gains ground in the Southeast Asian nation.

Bangko Sentral ng Pilipinas Governor Nestor Espenilla said the central bank is in talks with the nation’s Securities and Exchange Commission on ways to oversee ICOs, in which companies raise funds through the sale of digital tokens. Companies are seeking to facilitate ICOs and act as a central counterparty for trade in the related tokens to take advantage of the “strong growth potential in this space,” he said in an email.