The Philippines issues draft ICO rules and request for feedback

The Philippines Securities and Exchange Commission (SEC) has published some draft rules for regulating initial coin offerings (ICOs).

In a press release, the regulator explained that it will consider all tokens issued in ICOs as securities, unless the issuer can prove otherwise.

The SEC stated that issuers of ICOs conducted in the Philippines often claim that their tokens are not securities and therefore do not fall under the agency's jurisdiction.

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