Philippines SEC to Release Crypto Rules in Late 2024

As a researcher with a background in financial regulation, I strongly believe that the Philippine SEC’s decision to roll out new rules for cryptocurrency trading and assets by late 2024 is a much-needed step towards creating a safe and regulated digital asset environment in the country.

According to a report released on Monday by Business World News, the Securities and Exchange Commission (SEC) of the Philippines is planning to introduce new regulations for cryptocurrency trading and assets towards the end of 2024.

Last week, I, as the SEC Chairperson Emilio B. Aquino, emphasized the urgency of the situation and explained that the proposed regulatory framework would enhance investor protection in our country by overseeing crypto trading activities.

As a financial analyst, I can tell you that I’m part of the team working on the SEC’s initiatives to combat illegal financial activities. Lately, this has involved taking action against unregistered trading platforms, based on the evidence we’ve uncovered.

Recently, the Securities and Exchange Commission (SEC) requested Apple and Google to take down the Binance app from their marketplaces. The SEC explained that Binance had not obtained its approval, and listing an unauthorized entity goes against Philippine SEC regulations.

As a researcher studying the regulatory landscape of digital assets in the Philippines, I’ve come across one of the challenges faced by the Securities and Exchange Commission (SEC): the use of Virtual Private Networks (VPNs) by Filipinos to access banned platforms. I understand that it’s nearly impossible to completely prevent this activity. However, as part of my role, I can share that the SEC is dedicated to reducing unauthorized crypto activities within the country’s borders.

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2024-05-06 12:52