Philippine SEC to Implement Cryptocurrency Regulations by Q4 2024
The Philippine Securities and Exchange Commission (SEC) is gearing up to roll out comprehensive regulations for cryptocurrency assets and trading by the fourth quarter of 2024.
Led by SEC Chair Emilio Aquino, this initiative aims to fortify regulation and provide enhanced protection for investors amidst the rapid expansion of the crypto market within the country.
Aquino emphasized the imperative of establishing robust boundaries for cryptocurrency transactions, signaling a broader endeavor by the SEC to tighten oversight over digital asset exchanges and mitigate risks associated with unregistered trading platforms.
In recent months, the SEC has intensified its scrutiny, particularly targeting existing platforms operating without proper registration.
Notably, the SEC has taken steps to remove Binance, a prominent global cryptocurrency exchange application, from Google and Apple mobile app stores, citing potential risks to Filipino investors posed by unregistered apps.
READ MORE: US Lawmakers Call on Biden Administration for Crypto Oversight Amid Sanction Evasion Concerns
Aquino has issued stern warnings against the sale of unregistered securities and unlicensed brokerage services, citing violations of Republic Act No. 8799, also known as The Securities Regulation Code.
The SEC’s action against Binance is part of a broader strategy to combat unauthorized crypto-related businesses in the country.
Despite facing challenges in restricting access to unregulated platforms via VPNs, the SEC remains committed to addressing the issue.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
