Philippines mulls ICO regulations as bitcoin use surges

Philippines mulls ICO regulations as bitcoin use surges

A logo sits on the windows of the offices of La Maison du Bitcoin bank in Paris, France, on Thursday, Nov. 23, 2017. Photographer: Christophe Morin/Bloomberg

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.

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