Philippines to introduce crypto regulations in 2024, says SEC chair

The latest buzz in the world of cryptocurrency has been ignited by SEC chair Emilio B. Aquino’s groundbreaking announcement. In a local report, he revealed that the commission is taking a firm stand to regulate cryptocurrency trading in the nation, with the utmost priority being the safety and protection of investors.
But that’s not all. Aquino also shed light on the recent crackdown on unlicensed cryptocurrency service providers in the nation. And the latest target? The popular platform, Binance. The commission has imposed a ban on the company for offering unregistered securities, sending shockwaves through the industry. Stay tuned as the battle between regulators and crypto giants continues to unfold.

The SEC’s latest move in the Binance crackdown has caused a stir, with the commission calling on tech giants Apple and Google to remove the exchange’s apps from their stores. In a statement, Aquino, a representative for the SEC, brushed off criticism, stating that it’s simply the commission “doing its duty.” However, he did express hope for a swift response, citing previous instances with lending apps. But Aquino also acknowledged the resourcefulness of some traders who use virtual private networks (VPN) to circumvent these restrictions and continue accessing Binance’s services.

As the Indian government cracks down on foreign cryptocurrency exchanges, traders in the crypto world are turning to a secret weapon to continue their trading activities: VPNs. These virtual private networks are becoming a popular tool for bypassing regulatory restrictions and accessing crypto accounts. Join the underground movement and discover the ingenious tactics being used to stay ahead in the ever-evolving world of cryptocurrency.

The SEC chair emphasized the importance of obtaining proper licenses for all crypto trading platforms operating in the Philippines. This requirement stems from the Republic Act No. 8799, also known as the Securities Regulation Code (SRC), which aims to regulate the country’s financial market. The chair made it clear that these measures are not targeting any specific platform, but rather ensuring fair and secure trading for all.

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“FTX’s catastrophic downfall, resulting in billions lost and countless investors left with nothing but ashes, serves as a cautionary tale for the Philippines. Unlike the U.S., we cannot chase after those who operate outside our jurisdiction,” remarked Aquino, emphasizing the need for regulation in the cryptocurrency realm.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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