By the later part of 2024, the securities regulator for the Philippines is expected to provide a regulatory framework pertaining to cryptocurrency assets and trade.

According to a Monday article on Business World Online, SEC Chair Emilio Aquino made plans last week to release the framework by the second half of this year.

Upcoming cryptocurrency regulations aim to control trading in the Philippines while putting investor safety first. The SEC's recent attempts to strengthen its control over unregistered platforms are consistent with this announcement.

The SEC aggressively pursued the removal of Binance-affiliated apps from the Philippine Apple and Google app stores last month.

SEC Chair Emilio Aquino stated in letters that "the SEC has identified [Binance] and concluded that the public's continued access to these websites/apps poses a threat to the security of the funds of Filipino investors."to the companies.

Philippines Takes Aim at Illegal Crypto Activity with App Removal

Aquino warned that selling unregistered securities and acting as an unlicensed broker in the Philippines is illegal under Republic Act No. 8799, or The Securities Regulation Code. The crackdown on Binance is aimed at stoppoing unauthorized operations in the country

He also reportedly mentioned that the tech giants usually act swiftly on requests to block apps.

“I hope it’s fast. We already experienced this with lending apps before. The response is quick. It’s up to them (Google and Apple),” he said.

VPNs Pose Challenge for Philippines’ Crypto Crackdown

The regulator went on to stress how crucial it is for trading platforms to have the appropriate licencing and registration. He restated that before engaging in securities dealing, compliance with Republic Act No. 8799 is required.

He also recognised the continued difficulty consumers have while using virtual private networks (VPNs) to access unregistered platforms.

Aquino stated that even though the SEC couldn't stop it all, they still can. However, no one has the right to hold us accountable. Others would argue that nothing was done to stop these apps.

Aquino went on to say that the Bahamas-based cryptocurrency exchange FTX's collapse in November 2022—during which many Americans were "burned"—is a lesson the Philippines SEC is learning.