Philippine SEC to Introduce Comprehensive Crypto Regulations Targeting Investor Protection

The Philippines Securities and Exchange Commission (SEC) is expected to issue comprehensive rules covering cryptocurrency assets and trading by the fourth quarter of 2024. The goal is to enhance regulation in the rapidly growing and dynamic global crypto market that includes the Philippines.

SEC Chairperson Emilio Aquino emphasized that the initiative aims to keep cryptocurrency transactions within bounds. It's part of the SEC's effort to tighten regulatory requirements on digital asset exchanges and manage risks associated with unregistered trading platforms.

PH SEC Takes Aim at Binance in Fresh Effort

The SEC has been more active in recent months, particularly focusing on existing platforms that are improperly registered. The commission has taken the initiative to request that Google and Apple app stores remove Binance, a leading global cryptocurrency exchange, from their recommended exchanges.

The SEC sees these applications as potentially risky for Filipino investors who may not be properly registered.

Emilio Aquino sternly warned against selling unregistered securities and providing brokerage services without licenses. The SEC's continued actions against Binance support its drive to eliminate unauthorized crypto businesses nationwide.

SEC Vows to Make Philippine Crypto Market Safer

The SEC acknowledged that it's challenging to regulate access to unregulated platforms via VPNs but remains firm in its stance against such platforms. Aquino recognizes the challenge of implementing regulations for the first time, but the SEC's firm response is seen as decisive in handling this complicated issue.

Recent global incidents influencing these regulations include the 2022 collapse of the FTX exchange, which affected investors worldwide. This has positioned the SEC as a strong proponent of a secure and safe crypto ecosystem in the Philippines.

Designed to protect investors while aligning with digital infrastructure standards, the Philippine SEC guidelines are expected to create a safer investment environment, thus enhancing the integrity of the Philippine financial market.