The Philippines' financial regulator has delayed the publication of its legal framework for the crypto industry, which was originally planned for late 2022. The chairman of the Philippines Securities and Exchange Commission (SEC) stated that the framework may still be issued by the end of 2023, but the regulator wants to ensure investor protection following the collapse of the FTX exchange.
The SEC has been working with the University of the Philippines Law Center to develop guidelines for digital assets, and in January 2023, it put forward the Implementing Rules and Regulations (IRR) of Republic Act No. 11765 for public comment. Despite pressure from the central bank and the SEC to avoid unregistered or foreign crypto exchanges, the Philippines remains an attractive destination for crypto with over 11.6 million Filipinos owning digital assets.
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