Philippines Regulator to Unveil Cryptocurrency Regulatory Framework in Second Half of 2024

The Philippines Securities and Exchange Commission (SEC) plans to unveil a regulatory framework for crypto assets and their trading in the second half of the year, according to the organization’s chairman, Emilio B. Aquino. As reported by Business World, the framework aims to safeguard the interests of Filipinos engaged in cryptocurrency trading.

Aquino’s announcement came just weeks after the SEC intensified its actions against Binance. As reported by Bitcoin.com News, the SEC requested that tech giants Apple and Google remove the cryptocurrency exchange’s applications from their respective app stores. The SEC argues that Binance is not licensed to offer its services to residents of the Asian country.

Regarding the progress of its request for the removal of Binance apps, the SEC chairperson noted that Apple and Google have previously acted swiftly, and the hope is that they will do the same with this latest request.

Aquino is also quoted in the report explaining why the SEC made the request, even though it is aware that users will still access the Binance app via virtual private networks.

“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,” Aquino said.

According to the chairperson of the SEC, cryptocurrency exchanges targeting Filipinos must obtain the necessary permissions required by Republic Act No. 8799 before beginning operations. Aquino dismissed the idea that the SEC might be targeting Binance, stating that the collapse of FTX was a wake-up call that prompted action from the securities regulator.

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