The agency said that the public will be better protected if cryptocurrency trading is regulated in the Philippines.
MANILA -- The Securities and Exchange Commission said on Thursday it may finally release a set of guidelines to regulate cryptocurrency trading in the country.
“We have to make sure all the necessary safeguards are there. But we are still working on that. We are not closing our door naman,” said Aquino at the sidelines of a partnership event with e-wallet firm GCash which also has a cryptocurrency feature. Aquino admitted that "crypto" or virtual currency is already being used by Filipinos and that the SEC's mandate is to protect the public.There are several firms already selling cryptocurrencies in the country, with the Bangko Sentral ng Pilipinas issuing Virtual Asset Provider Service licenses. In an advisory posted in December last year, the SEC warned that a number of unregistered cryptocurrency exchanges are targeting Filipinos through online advertisements.
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