SEC to Introduce Cryptocurrencies Framework to Safeguard Traders’ Interests

SEC to Introduce Cryptocurrencies Framework to Safeguard Traders’ Interests

by May 7, 2024

The Philippines Securities and Exchange Commission (SEC) is gearing up to introduce a regulatory framework for cryptocurrencies and their trading activities in the latter half of this year.

This development was recently disclosed by the SEC’s chairman, Emilio B. Aquino, with the aim to protect the interests of Filipino cryptocurrency traders.

A move towards a framework governing cryptocurrencies follows closely on the heels of the SEC’s heightened scrutiny of Binance, a prominent cryptocurrency exchange.

Recent reports detailed the SEC’s request to tech giants Apple and Google to remove Binance’s applications from their respective app stores. The SEC contends that Binance lacks the necessary licenses to cater to users within the Philippines.

Speaking on the progress of the request to remove Binance apps, Chairman Aquino expressed optimism, noting the swift responses from Apple and Google in previous instances and hoping for similar action this time.

SEC Chairperson Emilio B. Aquino

Emilio B. Aquino

Chairman Aquino further elaborated on the rationale behind the SEC’s request, acknowledging the persistence of some users who access the Binance app through virtual private networks. He remarked,

“I know there are still some investors who we are not even stopping because they’re going to it via virtual private networks. They still can. But nobody gets to blame us. Maybe others might say that we didn’t do anything to stop these apps.”

In adherence to Republic Act No. 8799, the chairperson affirmed that cryptocurrency exchanges targeting Filipino users must secure the requisite permissions before commencing operations.

Chairman Aquino dismissed any notion of selective targeting, emphasising that the recent events, including the collapse of FTX, prompted proactive measures from the securities regulator.



Featured image credit: Edited from Freepik