The Securities and Exchange Commission (SEC) of the Philippines, together with the University of the Philippines Law Center (UPLC), will study digital currencies and work on creating rules to regulate them.
SEC Commissioner Kelvin Lester Lee announced the signing of a memorandum of understanding with UPLC, which aims to regulate financial technology, as well as to promote digitalization and innovation. Lee noted that through research and discussions with stakeholders, the SEC will have an understanding of how the latest technology can be used in local markets.
Lee acknowledged that the collapse of the FTX exchange had a ripple effect with many consequences for the cryptocurrency market, so the regulator is looking to protect local investors. This can be done through an innovative approach to industry oversight, he said.
According to SEC Chairman Emilio Aquino (Emilio Aquino), the regulator has already begun to develop rules to regulate cryptocurrency activities. However, due to the bankruptcy of several crypto lenders last year, the regulator concluded that these rules needed to be revised. Joint research with UPLC will be key to creating future regulations for the industry, Aquino said.
Note that the SEC of the Philippines treats digital assets with great doubt, despite the rapid development of the industry in the country. The agency has repeatedly published warnings about the risks of investing in cryptocurrencies, and at the end of December, the regulator warned investors against using unlicensed crypto exchanges.
Recently, the Central Bank of the Philippines announced its readiness to explore the possibility of launching its own digital currency for interbank settlements.
Source: Bits

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