MANILA - The Securities and Exchange Commission said it was looking to put regulations and guidelines on crowdfunding and the trading of cryptocurrencies.
SEC Commissioner Ephyro Amatong said Tuesday existing laws did not take into consideration new modes of fundraising that were made possible by technology.
"So if you are not careful you might run afoul of existing laws," Amatong said.
SEC Commissioner Emilio Aquino said they will likely look to other countries for guidance on how to handle these advances in technology.
"We have seen lots of lending companies using the internet to offer lending service. So really the challenge is for us to come up with regulations to match the speed of the advances of technology among others like cryptocurrency and stuff," Aquino said.
Both officials said that as long as crowdfunding and cryptocurrency trading are done in the Philippines and targeting Filipinos, they will be classified as investment contracts, which the SEC can regulate.
Amatong added that the SEC and the Bangko Sentral ng Pilipinas are currently discussing how to make crowdfunding safer.