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Despite a wave of market failures in 2022, the Philippines’ financial regulator has decided not to rush a legal framework on the crypto industry, which was initially planned to be published in late 2022. However, work on the guidelines continues, and there may be consequences. made public this year.
Cited In a local media outlet, Emilio Aquino, chairman of the Philippines Securities and Exchange Commission (SEC), revealed that the previous deadline to introduce the crypto framework in the country had been moved. The regulatory authority was planning to introduce guidelines for the industry in 2022, but it stopped the initiative to study the reasons behind the collapse of the FTX exchange and ensure investor protection.
However, according to Aquino, the framework could still be released as late as 2023:
“We haven’t closed the door. We really just have to make sure that people don’t get burned.
Earlier in 2023, the SEC partnered with the University of the Philippines Law Center (UPLC) to work together on guidelines for digital assets. In January 2023, the regulator put forward for public comment the implementation rules and regulations of Republic Act No. 11765, which was signed into law in 2022. However, there is not a single reference to “crypto” or “blockchain” in the Act. ,
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The pressure on the crypto industry is mounting in the Philippines. The country’s central bank has been urging citizens not to engage in any operations with unregistered or foreign crypto exchanges, and the SEC has made the same recommendations. In May 2023, the SEC called Gemini derivatives an unregistered security product under national law.
Nevertheless, the country remains an attractive destination for crypto. Considered one of the fastest growing economies in the world, over 11.6 million Filipinos hold digital assets, placing it 10th worldwide in crypto adoption.
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