SEC chair announces plan to implement crypto regulations in the Philippines by 2024
The Philippine Securities and Exchange Commission (SEC) plans to establish a regulatory framework for cryptocurrencies in the second half of 2024, as reported locally. SEC Chair Emilio B. Aquino stated that the guidelines aim to govern cryptocurrency trading in the country while ensuring investor protection. Aquino disclosed this information during a discussion about the commission’s recent crackdown on unlicensed cryptocurrency service providers. The SEC has recently prohibited Binance from offering unregistered securities and has requested Apple and Google to remove the exchange’s applications from their respective stores. Aquino mentioned that the response time from these tech giants is crucial and hopes it will be swift. He acknowledged that some traders use virtual private networks (VPN) to bypass the restrictions and access Binance’s platform, but emphasized that the blame should not be placed on the SEC. The use of VPNs to circumvent regulatory restrictions is a common practice in the crypto sector, as seen in India after the ban on multiple foreign cryptocurrency exchanges. Aquino reiterated that all crypto trading platforms in the Philippines must obtain the necessary licenses to operate, in accordance with the Securities Regulation Code (SRC). He clarified that these actions are not targeting any specific platform but rather aiming to ensure compliance and accountability. Aquino also referred to the collapse of FTX, which caused significant losses, highlighting the need for regulation in the Philippines to prevent similar incidents. Unlike the United States, the country cannot pursue individuals outside its jurisdiction, making regulation essential.
