Bitcoin-Friendly Philippines Plans ICO Regulation
After introducing regulations for bitcoin exchanges earlier this year, authorities in the Philippines are casting their eye on initial coin offerings (ICOs).
Bangko Sentral ng Pilipinas (BSP) governor Nestor Espenilla has revealed the central bank’s intent to introduce regulations for initial coin offerings, or ICOs. A radical new form of fundraising where companies and startups raise capital by offering digital tokens in exchange for cryptocurrencies like bitcoin and Ethereum, ICOs are becoming increasingly popular as a means to gain financing.
According to Bloomberg, the central bank chief directly pointed to the “strong growth potential in the space” acknowledged by local companies looking to ‘facilitate ICOs’ as trading platforms to ‘act as a central counterparty for trade in the related tokens’.
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