{"id":18614,"date":"2024-05-06T03:02:40","date_gmt":"2024-05-06T03:02:40","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/sec-to-release-cryptocurrency-guidelines-by-second-half\/"},"modified":"2024-05-06T03:02:40","modified_gmt":"2024-05-06T03:02:40","slug":"sec-to-release-cryptocurrency-guidelines-by-second-half","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/sec-to-release-cryptocurrency-guidelines-by-second-half\/","title":{"rendered":"SEC to release cryptocurrency guidelines by second half"},"content":{"rendered":"
\n

THE\u2002Securities\u2002and\u2002Exchange Commission (SEC) said it plans to release the regulatory framework for cryptocurrency assets and trading by the latter part of the year.<\/span><\/p>\n

\u201cWe have to come up with (a framework); we will issue it by the second half of this year,\u201d SEC Chairperson Emilio B. Aquino told reporters last week, referring to the timeline for the release of crypto asset guidelines.<\/p>\n

The guidelines aim to regulate cryptocurrency trading in the country with the primary goal of safeguarding the interests of investors.<\/span><\/p>\n

Mr. Aquino made this statement as the SEC intensified its crackdown on unregistered trading platforms. <\/span><\/p>\n

On April 19, the commission requested the removal of\u00a0Binance applications from the app markets of Apple and Google in the Philippines.<\/span><\/p>\n

Binance is the world\u2019s largest cryptocurrency exchange in terms of daily trading volume.<\/p>\n

Mr. Aquino noted that Apple and Google typically respond quickly to app blocking requests.<\/p>\n

\u201cI hope it\u2019s fast. We already experienced this with lending apps before. The response is quick. It\u2019s up to them (Google and Apple),\u201d he said.<\/span><\/p>\n

On the SEC\u2019s move against Binance, Mr. Aquino said that the regulator is just \u201cdoing its job.\u201d<\/p>\n

\u201cI know there are still some investors who we are not even stopping because they\u2019re going to it via virtual private networks. They still can. But nobody gets to blame us. Maybe others might say that we didn\u2019t do anything to stop these apps,\u201d he said.<\/span><\/p>\n

He reiterated that trading platforms should obtain the necessary licenses and registration before establishing an exchange for the buying and selling of securities, as mandated by Republic Act No. 8799, also known as the Securities Regulation Code (SRC).<\/span><\/p>\n

\u201cThey have to secure the required licenses because the intention is to be able to run after them to exact their obligations. That is just where we are coming from. We\u2019re not singling out any of these platforms. That\u2019s our direction,\u201d he said.<\/span><\/p>\n

Mr. Aquino added that the SEC has learned from the collapse of the Bahamas-based cryptocurrency exchange FTX in November 2022.<\/span><\/p>\n

\u201cIt is different for us. Our laws just say that the sale and offering of securities made within the Philippines\u2026 That is the only capability we have. We cannot run after people outside,\u201d he said.<\/p>\n

\u201cWe have learned from the experience of what happened to FTX. Many Americans were \u2018burned\u2019 there. But what\u2019s good about it is that they have the long-arm statute. If you make an offering to an American anywhere in the world, they can pursue legal action against you,\u201d he added. \u2014 Revin Mikhael D. Ochave<\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THE\u2002Securities\u2002and\u2002Exchange Commission (SEC) said it plans to release the regulatory framework for cryptocurrency assets and trading by the latter part of the year. \u201cWe have to come up with (a framework); we will issue it by the second half of this year,\u201d SEC Chairperson Emilio B. Aquino told reporters last week, referring to the timeline [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[14644,2673,1935,1122,2204,3630,1386],"class_list":["post-18614","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-bworldonline","tag-cryptocurrency","tag-guidelines","tag-half","tag-release","tag-sec","tag-second"],"yoast_head":"\nSEC to release cryptocurrency guidelines by second half - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/sec-to-release-cryptocurrency-guidelines-by-second-half\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEC to release cryptocurrency guidelines by second half - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"THE\u2002Securities\u2002and\u2002Exchange Commission (SEC) said it plans to release the regulatory framework for cryptocurrency assets and trading by the latter part of the year. \u201cWe have to come up with (a framework); we will issue it by the second half of this year,\u201d SEC Chairperson Emilio B. 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