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 an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
