In the Philippines, ICO-tokens Will Be Recognized as Securities until Proven Otherwise
According to the Commission, investors do not have enough qualification to judge the nature of tokens on their own, and this issue needs additional state regulation.
Now, for all who hold ICOs in the Philippines, there is a presumption of guilt: all tokens are considered securities until the issuers prove otherwise.
According to the new rules, organizers of ICOs are obliged to apply for an asset valuation at least 90 days before releasing tokens. The agency will assess the nature of tokens and provide an appropriate report. Tokens can be issued only with the permission of the regulator.
The project can only be exempt from the SEC supervision, if its tokens are distributed among no more than twenty private or any number of institutional investors.