The Philippine Securities and Exchange Commission (SEC) is planning to implement a regulatory framework for cryptocurrencies by the second half of 2024. SEC chair Emilio B. Aquino revealed that the guidelines will focus on overseeing cryptocurrency trading in the country to ensure investor protection.

Recently, the SEC took action against unlicensed cryptocurrency service providers in the Philippines, including banning Binance for offering unregistered securities. As part of this crackdown, the SEC has asked Apple and Google to remove Binance’s applications from their app stores.

Aquino emphasized the importance of these regulations, stating that traders attempting to circumvent the ban using VPNs will not shift blame from the SEC. This practice of using VPNs to access restricted platforms is not uncommon in the crypto industry, as seen in India after the ban on foreign exchanges.

All crypto trading platforms in the Philippines must obtain the necessary licenses under the Securities Regulation Code (SRC) to operate legally. Aquino clarified that these actions are not targeted at any specific platform but are aimed at ensuring compliance and accountability.

The SEC chair highlighted the risks associated with unregulated platforms, citing the collapse of FTX and the resulting losses for investors. Aquino stressed the need for regulation in the Philippines to prevent similar incidents and protect investors from potential harm.

Looking ahead, the Philippines is taking steps to regulate the cryptocurrency sector to enhance oversight and safeguard investor interests. As the global regulatory landscape evolves, it is essential for countries to establish clear guidelines to promote a safe and secure environment for cryptocurrency trading.

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