SEC: Coin offerings by foreign firms okay

The Securities and Exchange Commission is open to allowing foreign companies to conduct an initial coin offering in the Philippines.

According to the revised draft rules on ICO, the SEC will allow registration of security tokens by non-resident foreign companies provided they are registered in another jurisdiction

The SEC at the same time wants foreign companies to submit proof that the security tokens were registered in another jurisdiction and before they are allowed to make an ICO.

However, if a foreign company planning to conduct an ICO in the Philippines, but whose security tokens have not been previously registered with other jurisdictions, will be required to establish a Philippine branch office.