Philippines to introduce crypto regulations in 2024, says SEC chair

The
Philippine
Securities and Exchange
Commission
(SEC)
is
looking
to
introduce
a
regulatory
framework
for
cryptocurrencies
in
the
second
half
of
2024.

According
to
a
local

report,
SEC
chair
Emilio
B.
Aquino
said
the
guidelines
would
aim
to
regulate
cryptocurrency
trading
in
the
nation
while
upholding
investor
security. 

Aquino
made
the
revelation
while
discussing
the
commission’s
recent
crackdown
on
unlicensed
cryptocurrency
service
providers
in
the
nation.
Most
recently,
the
regulator
placed
a

ban
on
Binance
for
offering
unregistered
securities.

As
a
part
of
the
crackdown
on
Binance,
the
SEC
has

requested
both
Apple
and
Google
to
remove
the
exchange’s
applications
from
their
respective
stores.
Citing
the
move
as
the
commission
just
“doing
its
job,”
Aquino
added:

“I
hope
it’s
fast.
We
already
experienced
this
with
lending
apps
before.
The
response
is
quick.
It’s
up
to
them
(Google
and
Apple).”

Aquino
acknowledged
that
some
traders
try
to
bypass
these
restrictions
using
“virtual
private
networks
(VPN),” 
allowing
them
to
access
Binance’s
platform
despite
a
ban. 

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

Traders

leveraging
VPNs
to
bypass
regulatory
restrictions
are
quite
common
within
the
crypto
sector.
Following
the
ban
on
multiple
foreign
cryptocurrency
exchanges
in
India,
users
were

reportedly
going
down
this
route
to
access
their
crypto
accounts.

The
SEC
chair
reiterated
that
all
crypto
trading
platforms
in
the
Phillippines
are
required
to
obtain
the
necessary
licenses
to
offer
their
services.
The
mandate
is
part
of
the
nation’s
Republic
Act
No.
8799,
also
known
as
the
Securities
Regulation
Code
(SRC).

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

“They
have
to
secure
the
required
licenses
because
the
intention
is
to
be
able
to
run
after
them
to
exact
their
obligations,”
the
SEC
chair
continued.

He
further
cited

the
collapse
of
FTX,
which
led
to
billions
of
dollars
in
losses,
and
several
investors
were
“burned.”
Aquino
added
that
the
incident
was
a
lesson
for
the
Phillippines,
which
cannot
“run
after
people
outside”
their
jurisdiction,
unlike
the
U.S.

As
such,
the
nation
is
looking
to
regulate
the
cryptocurrency
sector.