The Philippines may have to wait longer to have proper
cryptocurrency regulations after the country’s financial regulator postponed
the release of a legal framework for the industry.
According to a local media report, Emilio Aquino, the Chairman of the Philippines’ Securities and Exchange
Commission (SEC), said the postponement of the release of the guidelines was
meant to give the regulator time to assess how best to protect investors after the
collapse of FTX.
However, Aquino said that the work on the guidelines was
ongoing, and the legal framework could still be released in 2023 after the
regulator has studied the reasons behind the fall of the Bahamas-based crypto
exchange.
“We were supposed to bring it out late last year,
but we don’t want people to get burned,” Aquino originally commented in
Filipino and was translated to English using Google Translate. “The
issuance of digital assets is a form of capital raising, and we have to study
that because, like in FTX, they were transferring billions left, right, and
center.”
FTX was a cryptocurrency
derivatives exchange that collapsed in November last year after a bank run. It ranked among the industry’s
top digital asset trading platforms. Sam Bankman-Fried, the exchange’s Founder and former CEO, was later arrested
and extradited from the Bahamas to face criminal charges in the US.
The events around the collapse and the huge amount of
losses it…
