The Philippines Securities and Exchange Commission (PSEC) isn't ready to issue final initial coin offering (ICO) regulation. The legislation was meant to be released before the end of 2018, English-language local media The Philippine Star reports on Jan 3rd.

The aforesaid article attributes the delay of the release to an invitation by various stakeholders for more time to look at the draft ICO rules. The PSEC has reportedly revised afresh the proposed regulation by taking under consideration completely different shareholders’ input.

In the draft guidelines, the regulative body established that the tokens emitted during an ICO could also be classified as securities, and “therefore, these ought to be registered with the Commission and necessary disclosures must be made for the protection of the investing public.”

The PSEC additionally declared in the draft that the sale of security tokens to but 20 individuals in one year, or the sale to banks, investment houses, insurance firms and pension funds will be exempted from registration.

When asked why the entity is willing to regulate ICOs rather than banning them like in China, PSEC chairman Emil Aquino answered that the technology has its benefits, The Philippine Star wrote.

As Top Market Group reported in April, the Philippine’s government decided to permit 10 blockchain and crypto firms in the Cagayan Economic Zone.

And in July, news broke that 3 cryptocurrency exchanges were granted licenses to work in the said special economic zone.

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