Philippines to introduce crypto regulations in 2024, says SEC chair

As a researcher with a background in finance and experience in following regulatory developments in emerging markets, I believe that the Philippine Securities and Exchange Commission’s (SEC) decision to introduce a regulatory framework for cryptocurrencies is a necessary step to protect investors and maintain market integrity.

As a researcher, I’ve come across some intriguing news regarding the Philippine Securities and Exchange Commission (SEC). In the latter part of 2024, they plan to establish a regulatory framework for cryptocurrencies.

Based on a recent article from a local news source, SEC chairman Emilio B. Aquino announced that new regulations for cryptocurrency trading within the country will be implemented with a focus on protecting investors’ securities.

As a crypto investor, I’ve been following the developments in our country regarding the crackdown on unlicensed cryptocurrency service providers. The latest announcement from the commission, where they banned Binance for offering unregistered securities, came as a surprise but not entirely unexpected given the regulatory climate.

The Securities and Exchange Commission (SEC) is taking action against Binance by asking Apple and Google to take down the cryptocurrency exchange’s apps from their stores in response. According to Aquino, this step is simply the SEC carrying out its regulatory duties.

As an analyst, I can anticipate a swift process based on past experiences with lending apps. The speed of the response lies within the discretion of Google and Apple.

As a crypto investor, I’ve come across situations where some traders attempt to circumvent regulations by utilizing “virtual private networks (VPNs)” for unauthorized access to Binance’s platform, even when it’s been banned in certain jurisdictions.

“But nobody gets to blame us,” he added.

In the crypto market, it’s fairly frequent for traders to use Virtual Private Networks (VPNs) to get around regulatory restrictions. After India prohibited several foreign cryptocurrency exchanges, some users resorted to this method in order to manage their crypto accounts.

The chairman of the SEC reminded Philippine crypto exchanges that they must acquire the necessary permits under Republic Act No. 8799, or the Securities Regulation Code (SRC), to legally operate their businesses.

He clarified that the recent moves are not meant to be “singling out” any particular platform.

“To carry out our plans, it’s essential that we obtain the necessary licenses first. This will allow us to hold those parties accountable for their obligations later on.”

He also brought up the failure of FTX, resulting in massive financial losses for many, and referred to this as a cautionary tale. Aquino stressed that the Philippines should focus on implementing regulations within its own jurisdiction for the crypto industry, contrasting it to the U.S.’s ability to oversee actions taken abroad.

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2024-05-06 14:52