The Philippines delays publishing crypto framework

Despite a wave of market failures in 2022, the Philippine financial regulator has decided not to rush the legal framework for the crypto industry, which was originally planned to be released in late 2022. However, work to develop the guidelines is ongoing, and the results may vary significantly. Published this year.

Quote Philippine Securities and Exchange Commission (SEC) Chairman Emilio Aquino told local media that the previous deadline for introducing a cryptocurrency framework in the country has been changed. The regulator, which had planned to introduce guidelines for the industry in 2022, has put on hold an effort to investigate the causes of the FTX exchange collapse and ensure investor protection.

However, Aquino said the framework could be published by the end of 2023.

“We’re not closing the door. All we really need is to keep people from getting burned.”

In early 2023, the SEC partnered with the University of the Philippines Law Center (UPLC) to help develop guidelines on digital assets. In January 2023, the regulator proposed implementing rules and regulations for Republic Act 11765 for public comment, which will be signed into law in 2022. However, the law itself does not contain a single reference to “cryptography” or “blockchain.” ”

Related: Hong Kong Regulatory Leaders Make Hong Kong a Major Cryptocurrency Hub

The pressure on the cryptocurrency industry in the Philippines is mounting. The country’s central bank has urged citizens not to engage in any transactions with unregistered or foreign cryptocurrency exchanges, and the SEC has made similar recommendations. In May 2023, the SEC called Gemini derivatives unregistered securities instruments under domestic law.

Still, the country remains an attractive destination for cryptocurrencies. Considered one of the fastest growing economies in the world, more than 11.6 million Filipinos own digital assets and ranks 10th in the world for cryptocurrency adoption.

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