Philippine SEC to Roll Out Cryptocurrency Regulation in Late 2024

The Philippine Securities and Exchange Commission (SEC) is gearing up to unveil a comprehensive regulatory framework for cryptocurrencies in the latter half of 2024. The move comes as part of the commission’s commitment to oversee cryptocurrency trading activities within the nation and safeguard investor interests.

SEC chair Emilio B. Aquino emphasized the need for stringent guidelines to regulate the burgeoning cryptocurrency market while maintaining investor security. Aquino’s remarks came in the wake of the commission’s recent crackdown on unlicensed cryptocurrency service providers, including the high-profile ban imposed on Binance for offering unregistered securities.

Aquino underscored the urgency of the regulatory initiative, highlighting the swift response required from tech giants such as Apple and Google to remove Binance’s applications from their platforms. He emphasized the commission’s resolve in enforcing regulatory compliance, stating, “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).”

Challenges and Enforcement

Aquino recognized the ongoing difficulty caused by traders who use virtual private networks (VPNs) to get around legal constraints and gain access to sites like Binance that are prohibited. In spite of these strategies, Aquino reaffirmed the SEC’s steadfast dedication to implementing the Securities Regulation Code (SRC) license requirements for all cryptocurrency trading platforms operating in the Philippines.

He made it clear that the goal of the regulatory actions was to guarantee compliance throughout the industry rather than to single out certain platforms. In order to prevent situations like the collapse of FTX, which caused significant losses for investors, Aquino emphasized the significance of holding platforms responsible for meeting their regulatory requirements.