Philippines SEC to Introduce Crypto Regulation; Urges Removal of Binance Apps

Emilio B. Aquino, chairperson of the Securities and Exchange Commission (SEC) in the Philippines, has unveiled plans to introduce a regulatory framework for cryptocurrency assets and trading in the latter half of 2024. This initiative aims to protect the interests of Filipino cryptocurrency users amidst escalating actions against major platforms like Binance.

The upcoming regulatory framework signals the SEC’s commitment to ensuring a secure and transparent environment for crypto trading in the Philippines. With the rapid growth of the crypto market, regulatory measures are crucial to safeguarding investors against potential risks and ensuring compliance with national laws.

Aquino’s announcement comes on the heels of the SEC’s intensified actions against Binance, one of the world’s largest cryptocurrency exchanges. The SEC has requested tech giants Apple and Google to remove Binance’s applications from their respective app stores, citing concerns over the exchange’s lack of licensing to operate in the Philippines.

Aquino expressed optimism that Apple and Google will promptly comply with the SEC’s request, highlighting their previous swift responses to similar requests. By removing unauthorized applications, the SEC aims to prevent Filipino investors from accessing services from unlicensed platforms, thereby mitigating potential risks associated with unregulated trading.

Aquino emphasized the importance of cryptocurrency exchanges obtaining necessary permissions as required by Republic Act No. 8799 before commencing operations in the Philippines. He dismissed allegations of bias against Binance, citing the collapse of FTX as a wake-up call that prompted regulatory action from the SEC.

As the SEC prepares to roll out comprehensive regulations, Filipino cryptocurrency users can expect enhanced protection and clarity in their trading activities. The regulatory framework aims to strike a balance between fostering innovation in the crypto space and safeguarding the interests of investors, ensuring a robust and sustainable ecosystem for digital asset trading in the Philippines.