- The Philippines SEC has disclosed plans to regulate crypto.
- The revelation comes after an intense crypto crackdown.
- Unregistered exchanges were nabbed in the crackdown, including Binance.
The Philippines Securities and Exchange Commission (SEC) has revealed plans to introduce a comprehensive regulatory framework for crypto as early as this year.
The SEC’s disclosure follows a recent nationwide crackdown on unlicensed crypto service providers in the country, including Binance, which the regulator accused of offering unregistered securities.
Philippines Crypto Regulation
According to a May 6 BusinessWorld report, SEC Chairperson Emilio B. Aquino told reporters that the commission would issue the regulatory framework “by the second of this year.” The upcoming guidelines will cover crypto assets and their trading activities, with the primary goal of safeguarding investor interests.
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While the guidelines will likely be implemented once approved later in the year, Aquino reiterated that the SEC requires crypto exchanges to obtain the necessary licenses and registrations before setting up in the country, as mandated by the Securities Regulation Code (SRC).
“They have to secure the required licenses because the intention is to be able to run after them to exact their obligations. That is just where we are coming from. We’re not singling out any of these platforms. That’s our direction,” Aquino stated.
On the SEC’s move against Binance and other unregistered trading platforms, Aquino said the regulator was just doing “its job.” However, the chairperson noted that some traders could still access blocked or unregulated platforms via VPNs.
“I know there are still some investors who we are not even stopping because they’re going to it via virtual private networks. They still can. But nobody gets to blame us,” the report quoted Aquino.
The report did not clarify whether the guidelines will be formulated at the commission or parliament level.
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Read why the Philippines SEC wants Binance dropped from app stores:
Philippines SEC Seeks to Drop Binance From App Stores
Stay updated on when the Philippines will launch a CBDC:
Philippines Eyes CBDC Launch in the Next Two Years
