Philippines to introduce crypto regulations in 2024, says SEC chair

Introduction to Cryptocurrency Regulation in the Philippines

The Philippine Securities and Exchange Commission (SEC) is planning to establish a regulatory framework for cryptocurrencies in the latter part of 2024. SEC chair Emilio B. Aquino emphasized the importance of these guidelines to oversee cryptocurrency trading in the country and prioritize investor protection.

Crackdown on Unlicensed Cryptocurrency Service Providers

Recently, the SEC took action against unlicensed cryptocurrency service providers in the Philippines, including imposing a ban on Binance for offering unregistered securities. Aquino highlighted the commission’s efforts in requesting both Apple and Google to remove Binance’s applications from their platforms, ensuring compliance with regulations and investor safety.

Importance of Licensing for Crypto Trading Platforms

Aquino reiterated that all cryptocurrency trading platforms in the Philippines must obtain the necessary licenses as per the Securities Regulation Code (SRC). The recent regulatory measures are not targeted at specific platforms but aim to ensure accountability and adherence to obligations. In light of past incidents like the collapse of FTX, the Philippines is keen on regulating the cryptocurrency sector to protect investors and prevent similar financial losses.

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