06-08-2023, 11:42 AM
Philippines Postpones Crypto Rules Release to Study FTX Fiasco
<p>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.</p><p>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 <a href="https://www.financemagnates.com/cryptocurrency/back-to-basics-after-ftx/" target="_blank" rel="follow">the
collapse of FTX</a>.</p><p>Philippines
Cautious after FTX Fiasco</p><p>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. </p><p>"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."</p><p>FTX was a cryptocurrency
derivatives <a href="https://www.financemagnates.com/terms/e/exchange/" class="terms__main-term" id="b5da6e64-2afe-421d-9b81-16404b7d59d6">exchange</a> that <a href="https://www.financemagnates.com/cryptocurrency/ftx-the-rise-the-fall-and-the-reaction/" target="_blank" rel="follow">collapsed in November last year</a> after a bank run. It was ranked among the industry's
top digital asset trading platforms. Sam Bankman-Fried, the exchange's Founder and former CEO, was later <a href="https://www.financemagnates.com/cryptocurrency/sam-bankman-fried-arrested-in-the-bahamas-amid-us-criminal-charges/" target="_blank" rel="follow">arrested
and extradited from the Bahamas</a> to face criminal charges in the US.</p><p>The events around the collapse and the huge amount of
losses it brought to investors, estimated to be in the billions ($), have
forced the Philippines to tighten its rules on digital assets before having a
legal framework in place. In May, the Southeast Asian country warned against a <a href="https://www.financemagnates.com/cryptocurrency/philippines-sec-says-geminis-derivatives-exchange-is-unregistered/" target="_blank" rel="follow">crypto
derivatives platform</a> launched
in the country by Gemini.</p><p>Gemini, Binance Face Regulatory Pressure in the Philippines</p><p>In a regulatory notice, the SEC in the Philippines said that
Gemini Trust Company, the parent company behind its namesake exchange, was not
registered with the commission and operated without a necessary license or authority. Gemini launched the derivatives exchange outside the US,
and the Philippines was among the countries where the platform went live.</p><p>Furthermore, Finance Magnates reported that Binance, currently the largest cryptocurrency <a href="https://www.financemagnates.com/terms/t/trading-platform/" class="terms__secondary-term" id="f85800b2-ccf5-4f50-9e8e-780d32afc6f6">trading platform</a> by volume, was planning to <a href="https://www.financemagnates.com/cryptocurrency/binance-is-after-vasp-emi-licenses-in-philippines-ceo-says/" target="_blank" rel="follow">acquire
two licenses</a>, the virtual asset service provider (VASP) and the electronic money issuer (EMI) licenses, in the Philippines.</p><p>UK bank taps Integral; StoneX's prime brokerage; <a href="https://www.financemagnates.com/forex/news-nuggets-7-june-uk-bank-taps-integral-stonexs-prime-brokerage/" target="_blank" rel="follow" class="">read today's news nuggets</a>.</p>
This article was written by Jared Kirui at www.financemagnates.com.
https://www.financemagnates.com//cryptoc...tx-fiasco/
<p>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.</p><p>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 <a href="https://www.financemagnates.com/cryptocurrency/back-to-basics-after-ftx/" target="_blank" rel="follow">the
collapse of FTX</a>.</p><p>Philippines
Cautious after FTX Fiasco</p><p>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. </p><p>"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."</p><p>FTX was a cryptocurrency
derivatives <a href="https://www.financemagnates.com/terms/e/exchange/" class="terms__main-term" id="b5da6e64-2afe-421d-9b81-16404b7d59d6">exchange</a> that <a href="https://www.financemagnates.com/cryptocurrency/ftx-the-rise-the-fall-and-the-reaction/" target="_blank" rel="follow">collapsed in November last year</a> after a bank run. It was ranked among the industry's
top digital asset trading platforms. Sam Bankman-Fried, the exchange's Founder and former CEO, was later <a href="https://www.financemagnates.com/cryptocurrency/sam-bankman-fried-arrested-in-the-bahamas-amid-us-criminal-charges/" target="_blank" rel="follow">arrested
and extradited from the Bahamas</a> to face criminal charges in the US.</p><p>The events around the collapse and the huge amount of
losses it brought to investors, estimated to be in the billions ($), have
forced the Philippines to tighten its rules on digital assets before having a
legal framework in place. In May, the Southeast Asian country warned against a <a href="https://www.financemagnates.com/cryptocurrency/philippines-sec-says-geminis-derivatives-exchange-is-unregistered/" target="_blank" rel="follow">crypto
derivatives platform</a> launched
in the country by Gemini.</p><p>Gemini, Binance Face Regulatory Pressure in the Philippines</p><p>In a regulatory notice, the SEC in the Philippines said that
Gemini Trust Company, the parent company behind its namesake exchange, was not
registered with the commission and operated without a necessary license or authority. Gemini launched the derivatives exchange outside the US,
and the Philippines was among the countries where the platform went live.</p><p>Furthermore, Finance Magnates reported that Binance, currently the largest cryptocurrency <a href="https://www.financemagnates.com/terms/t/trading-platform/" class="terms__secondary-term" id="f85800b2-ccf5-4f50-9e8e-780d32afc6f6">trading platform</a> by volume, was planning to <a href="https://www.financemagnates.com/cryptocurrency/binance-is-after-vasp-emi-licenses-in-philippines-ceo-says/" target="_blank" rel="follow">acquire
two licenses</a>, the virtual asset service provider (VASP) and the electronic money issuer (EMI) licenses, in the Philippines.</p><p>UK bank taps Integral; StoneX's prime brokerage; <a href="https://www.financemagnates.com/forex/news-nuggets-7-june-uk-bank-taps-integral-stonexs-prime-brokerage/" target="_blank" rel="follow" class="">read today's news nuggets</a>.</p>
This article was written by Jared Kirui at www.financemagnates.com.
https://www.financemagnates.com//cryptoc...tx-fiasco/