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Philippines' Regulator Postpones the Release of Crypto Regulatory Framework

Philippines' Regulator Postpones the Release of Crypto Regulatory Framework

The Philippines SEC Chairman says there's still a chance to publish crypto regulatory guidelines in 2023.

The Philippines Securities and Exchange Commission (SEC) has decided to delay the launch of the long-anticipated crypto regulatory framework, initially set to be released at the end of 2022. 

Despite this decision, efforts to develop comprehensive guidelines persist, with the possibility of disclosure within the current year.

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Emilio Aquino, Chairman of the Philippines Securities and Exchange Commission (SEC), unveiled to the local news portal that the intended timelines for the country's cryptocurrency regulations have been adjusted

The SEC had originally planned to present industry guidelines in 2022 but opted for a more cautious approach to comprehend the causes behind the crypto exchange FTX crash and fortify investor safeguards. Aquino, however, affirmed that the framework could still be published by the end of 2023, stating:

We haven’t closed the door. We really just have to make sure people don’t get burned.

In a bid to shape the digital asset guidelines, the SEC partnered with the University of the Philippines Law Center (UPLC) earlier in 2023.

The cryptocurrency industry in the Philippines is facing increased scrutiny. The nation's central bank discouraged residents from interacting with unregistered or foreign cryptocurrency exchanges, echoing the SEC's advisories. In May 2023, the SEC declared Gemini Derivatives an unregistered security product under national legislation.

Despite these regulatory pressures, the Philippines continues to be a hub of cryptocurrency activity. It stands as one of the world's rapidly expanding economies, boasting over 11.6 million citizens possessing digital assets, which ranks it 10th in terms of global crypto adoption.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.



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