Philippines Delays Publishing Crypto Legal Framework
Despite the market failures that occurred in 2022, the financial regulator of the Philippines has decided not to rush the implementation of a legal framework for the cryptocurrency industry. The original plan was to publish the framework in late 2022, but the regulator has postponed it to further study the reasons behind the collapse of the FTX exchange and to ensure investor protection.
However, ongoing work on the guidelines is taking place, and the results may be made public within this year. The chairman of the Philippines Securities and Exchange Commission (SEC), Emilio Aquino, mentioned that previous deadlines for introducing the crypto framework have been adjusted.
Earlier this year, the Securities and Exchange Commission (SEC) of the Philippines collaborated with the University of the Philippines Law Center (UPLC) to develop guidelines for digital assets. In January, the regulator released the Implementing Rules and Regulations for public feedback, which was based on a law enacted in 2022. Interestingly, the law itself does not explicitly mention terms like "crypto" or "blockchain."
The crypto industry in the Philippines has faced increasing scrutiny, with both the central bank and the SEC advising against transactions with unregistered or foreign crypto exchanges. In May, the SEC classified Gemini Derivatives as an unregistered security product according to national regulations.
Nonetheless, the Philippines remains an attractive market for cryptocurrencies, as it is one of the fastest-growing economies globally and boasts a significant number of digital asset owners, ranking 10th in crypto adoption worldwide with over 11.6 million Filipinos participating in the space.
Sources:
https://cointelegraph.com/news/the-philippines-delays-publishing-crypto-framework
https://www.panewslab.com/en/sqarticledetails/c1c726f69a44c2bf7b044297b0.html
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