Crypto Expert Calls on Governments Globally to Learn from the Philippines
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A cryptocurrency industry entrepreneur and investor is calling on governments around the world to emulate the example of the Philippines in regulating the sector.
Founder and CEO of digital asset exchange LoyalCoin Patrick Palacios is also the brains behind Appsolutely, an app that offers a digital reward framework for multinational companies.
He explained that thanks to the Philippine government’s encouragement for the growth of blockchain technology, the country now boasts one of the fastest growing crypto economies globally.
Highlighting a recent example of such positive moves, he pointed to the announcement by the Philippine Securities and Exchange Commission (SEC) that it would soon launch new policies to govern transactions in digital assets.
Urging other countries to follow suit he said:
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This is a benchmark for the regulation of cryptocurrency. Beforehand, allowing certain kinds of behavior without regulation has put hundreds of thousands of investors at risk.”
Lower Risk Levels
Under the new regulations, companies, businesses and individuals hoping to launch an Initial Coin Offering (ICO) in the Philippines will first have to get approval from the SEC.
Palacios commented on the fact that without such regulations in place, investors would not have much of a chance to recover their losses when they fall victim to ICO exit scams.
But following the implementation of the new rules, there will be real legal consequences in place to deter malicious actors and allow victims to fight back in case of fraud.
“Now I would urge other countries and regulators to follow suit, and make regulation a truly global thing. South East Asian markets in particular should be following the Philippine model,” he recommended.
He said that having regulations to govern the global market would encourage more people to start taking the crypto sector more seriously.
His startup holds one of the first Philippine cryptocurrencies following a successful token generation event that ended in February.