The Philippine SEC securities regulator intends to establish regulations about cryptocurrencies and trading by the end of 2024.
According to a Monday report from Business World Online, SEC Chair Emilio Aquino stated last week that the framework will be available by the second half of this year.
The new cryptocurrency regulations focus on investor safety by regulating trading in the Philippines. This is consistent with the SEC’s efforts to regulate unregistered platforms.
The Philippine Apple and Google app stores have apps related to Binance, which the SEC wanted to remove last month.
“The SEC has identified [Binance] and concluded that the public’s continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos,” SEC Chair Emilio Aquino stated in letters to the firms.
Philippines SEC: Targets Illegal Crypto Apps
Aquino issued a warning, citing Republic Act No. 8799, often known as The Securities Regulation Code, which makes selling unregistered securities in the Philippines unlawful. It’s illegal to operate as an unlicensed broker as well.
The goal of the Binance crackdown is to put an end to illegal activities within the country.
He also mentioned that tech giants act to block apps upon request. “I hope it’s fast. We already experienced this with lending apps. The response is quick. It’s up to them (Google and Apple),” he stated.
VPNs Challenge Philippines’ Crypto Crackdown
The regulator emphasized the need for regulating and registering trading platforms. He reminds them that companies must follow Republic Act No. 8799 to offer securities trading.
He admitted that customers still face difficulties while using virtual private networks (VPN) to access unregistered platforms. Although the SEC is unable to stop this, Aquino mentioned: “They still can. But nobody gets to blame us. Others might say that we didn’t do anything to stop these apps.”
FTX, a cryptocurrency exchange headquartered in the Bahamas, collapsed in November 2022. Aquino said that the Philippine SEC is taking lessons from this event. This was a loss-making event for many Americans.
