“We haven’t closed the door. We really just have to make sure people don’t get burned,” says the chairman of Filipino SEC.
Despite the wave of market failures in 2022, the Philippines’ financial regulator has decided not to rush a legal framework on the crypto industry, initially planned to be published in late 2022. However, work on the guidelines is ongoing, and the results could be made public this year.in a local media outlet, the chairman of the Philippines Securities and Exchange Commission , Emilio Aquino, revealed that previous deadlines for introducing the crypto framework in the country were moved.
Earlier in 2023, the SEC partnered with the University of the Philippines Law Center to work together on guidelines for digital assets. In January 2023, the the Implementing Rules and Regulations of Republic Act No. 11765 for public comment, which was signed into law in 2022. However, the act itself doesn’t contain a single reference to “crypto” or “blockchain.”
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