Philippines Securities Regulator to Release Cryptocurrency Regulations in Second Half

A crypto asset and trade regulatory framework is expected to be revealed by the securities regulator of the Philippines by the second half of 2024.

On Monday, Business World Online said that SEC Chair Emilio Aquino had indicated intentions last week to release the framework by the middle of this year.

In order to ensure the safety of investors, the Philippines is planning to implement new regulations for the trading of cryptocurrencies. In light of the SEC’s recent moves to crack down on unregistered platforms, this announcement is in line with those goals.

The SEC made efforts last month to get Binance-affiliated apps removed from the Philippines’ Apple and Google Play stores.

The public’s continuous access to these websites/apps presents a hazard to the security of the money invested in Filipinos,” SEC Chair Emilio Aquino stated in letters to businesses, including Binance.

Republic Act No. 8799, also known as the Securities Regulation Code, makes it unlawful to offer unregistered securities and operate as an unlicensed broker in the Philippines, as Aquino cautioned. Stopping Binance’s unauthorized activities in the nation is the goal of the crackdown.

Reportedly, he also said that tech companies often respond quickly to requests to remove applications. “I hope it moves quickly. This has happened to us before with loan applications. There is a rapid reaction. Google and Apple are the ones who will decide, he said.

Trading platforms must be duly licenced and registered, the regulator stressed even further. He emphasized once again that this conformity is necessary prior to providing securities trading, as stated in Republic Act No. 8799.

In addition, he admitted that VPN users gaining access to unregistered sites is still a problem. Aquino stated: “They still can implying that the SEC can still stop it from happening. But no one can hold us responsible. Potentially, some may argue that we did nothing to prevent these applications.”

Aquino went on to say that the Philippine SEC is learning from the collapse of the FTX crypto exchange in November 2022, when a lot of Americans were “burned.”

Also Read: FTX and Binance founders’ lawsuits reveal crypto’s dark side May 6, 2024