The Philippine SEC is set to roll out new rules for cryptocurrency trading and assets by late 2024, as per the Business World News Report.
“We have to come up with (a framework); we will issue it by the second half of this year,” said SEC Chairperson Emilio B. Aquino last week.
This is part of the broader measures that have been taken by the SEC to fight illegal financial activities, of which the evidence has been the recent actions against trading platforms that are unregistered.
Last month, the SEC also urged Apple and Google to remove the Binance app from their app stores. It said Binance was not registered with the commission, and registering an entity not authorized would violate the Philippines’ SEC rules. On which, Mr. Aquino said that the SEC is just “doing its job.”
Aquino also addressed challenges such as the use of virtual private networks (VPNs) by Filipinos to access banned platforms, acknowledging that while complete prevention is difficult, the SEC is committed to curbing unauthorized crypto activities.
The regulator’s proactive steps reflect a significant push to establish a safe and regulated digital asset environment in the Philippines.
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