Virtual coins, digital tokens, or cryptocurrency are not NFTs and are considered as fungible. Other virtual currencies such as Ethereum rate being used to create decentralized financial systems. But just like other securities or solicitations of investments from the public, the SEC said that entities offering ICOs must first get a license from the commission. In the Philippines, the SEC just last Thursday said that play-to-earn platform Outrace has been soliciting investments without the necessary license. But virtual currencies were legalized and cryptocurrency exchanges are now regulated by the BSP under Circular 944.

Source: Philippine Star January 08, 2022 20:43 UTC