Emilio B. Aquino, the chairperson of the Securities and Exchange Commission (SEC) in the Philippines, has announced plans to introduce a regulatory framework for cryptocurrency in the latter half of 2024. Aquino is optimistic that tech giants Apple and Google will comply promptly with the SEC’s request to remove Binance’s applications from their app stores, as the SEC aims to protect the interests of Filipino cryptocurrency users.
The SEC’s regulatory framework for crypto assets and trading is set to be unveiled in the second half of this year, with the goal of ensuring the safety of Filipinos involved in cryptocurrency trading. This announcement comes shortly after the SEC took action against Binance, requesting that Apple and Google remove the cryptocurrency exchange’s applications from their respective app stores. The SEC argues that Binance is not authorized to offer its services to residents of the Philippines.
Aquino acknowledges that some users may still access the Binance app through virtual private networks, but he emphasizes that the SEC cannot be blamed for this. He states that cryptocurrency exchanges targeting Filipinos must obtain the necessary permissions outlined in Republic Act No. 8799 before operating. Aquino denies allegations of bias, stating that the collapse of FTX served as a wake-up call for the SEC to take action.
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