The Securities and Exchange Commission (SEC) is gearing up to unveil its regulatory framework for cryptocurrency assets and trading in the latter part of this year. “The guidelines aim to regulate cryptocurrency trading in the country with the primary goal of safeguarding the interests of investors,” stated SEC Chairperson Emilio B. Aquino.

Crackdown on Unregistered Platforms

In line with this initiative, the SEC has ramped up its crackdown on unregistered trading platforms. Notably, it recently requested the removal of Binance applications from major app markets in the Philippines.

“I hope it’s fast. We already experienced this with lending apps before. The response is quick. It’s up to them (Google and Apple),” Aquino expressed optimism regarding the swift response from tech giants like Apple and Google to such requests for app removals.

Fulfilling Regulatory Obligations

“They have to secure the required licenses because the intention is to be able to run after them to exact their obligations. That is just where we are coming from. We’re not singling out any of these platforms. That’s our direction,” Aquino reiterated the importance of trading platforms obtaining the necessary licenses and registrations as mandated by the Securities Regulation Code.

Lessons from Past Incidents

“We have learned from the experience of what happened to FTX. Many Americans were ‘burned’ there. But what’s good about it is that they have the long-arm statute. If you make an offering to an American anywhere in the world, they can pursue legal action against you,” Aquino highlighted the need for regulatory measures to address incidents that may adversely affect investors.

In summary, the impending release of SEC’s cryptocurrency guidelines signals a significant step towards regulating the burgeoning crypto market in the Philippines, with a focus on safeguarding investor interests and ensuring compliance with regulatory standards.