Philippine SEC to Enforce Crypto Regulations in Late 2024

Updated: 06 May 2024

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The Securities and Exchange Commission (SEC) of the Philippines is set to roll out a new set of regulations for cryptocurrency operations by the latter half of 2024. This initiative, as explained by SEC chair Emilio B. Aquino, is intended to oversee cryptocurrency trading within the country and ensure the protection of investors.

Regulatory Framework for Cryptocurrencies to Enhance Investor Protection

Emilio B. Aquino highlighted the necessity of these regulations during a discussion about the SEC’s recent actions against unauthorized cryptocurrency service providers. He emphasized that the new guidelines would help the commission to more effectively regulate and monitor cryptocurrency transactions.

In recent developments, the SEC has taken significant actions against Binance, a leading cryptocurrency exchange, for operating without the proper licenses. This includes requesting major tech companies Apple and Google to remove Binance’s apps from their digital stores. Aquino commented on the urgency of the situation, 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).”

Additionally, Aquino mentioned that traders often utilize virtual private networks (VPNs) to circumvent these bans and access services like Binance. He pointed out that while this is a common practice, it does not implicate the SEC in any failures to enforce regulations.

The SEC chair also reiterated that all cryptocurrency trading platforms operating in the Philippines must secure the appropriate licenses as mandated by the nation’s Securities Regulation Code (Republic Act No. 8799). Aquino stressed that these measures are not intended to target any specific platforms unfairly but to ensure they fulfill their legal obligations.

Reflecting on global incidents like the collapse of FTX, which resulted in substantial financial losses for many investors, Aquino underscored the importance of having a robust regulatory framework. Such regulations are crucial for the Philippines, which, unlike the U.S., faces challenges in pursuing entities outside its jurisdiction.

The overarching goal of these upcoming regulations, according to Aquino, is to safeguard investors and maintain the integrity of the financial market in the face of growing digital currency use.

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