Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
The securities regulator of the Philippines is poised to introduce a regulatory framework for cryptocurrency assets and trading by the latter part of 2024.
SEC Chair Emilio Aquino revealed plans last week to release the framework in the second half of this year, as reported by Business World Online on Monday.
The forthcoming cryptocurrency regulations aim to oversee trading activities within the Philippines, with a focus on safeguarding investors. This announcement is in line with the SEC’s recent initiatives to strengthen its oversight of unregistered platforms.
Last month, the SEC actively sought to remove applications linked to Binance from the Apple and Google app stores in the Philippines.
“The SEC has identified [Binance] and determined that the public’s ongoing access to these websites/apps presents a risk to the security of the funds of investing Filipinos,” SEC Chair Emilio Aquino stated in correspondence to the companies.
Philippines Targets Illegal Crypto Operations with App Removals
Related Posts
Aquino cautioned that the sale of unregistered securities and functioning as an unlicensed broker in the Philippines is prohibited under Republic Act No. 8799, known as The Securities Regulation Code. The action against Binance is intended to halt unauthorized activities within the country.
He also noted that tech companies typically respond promptly to requests for app blocking. “I hope it’s swift. We have previously experienced this with lending apps. The response is quick. It’s up to them (Google and Apple),” he remarked.
VPNs Present Challenge for Philippines’ Crypto Enforcement
The regulator further underscored the necessity of appropriate licensing and registration for trading platforms. He reiterated that Republic Act No. 8799 requires this compliance prior to offering securities trading.
He also recognized the persistent issue of users accessing unregistered platforms via virtual private networks (VPNs). While the SEC cannot entirely eliminate this, Aquino stated: “They still can. But nobody can blame us. Some may argue that we didn’t take action to stop these apps.”
Aquino added that the Philippines SEC is learning from the collapse of the Bahamas-based crypto exchange FTX in November 2022, where many Americans faced significant losses.
The post Philippines Securities Regulator Set to Unveil Cryptocurrency Guidelines in Second Half appeared first on Cryptonews.
