Philippines Securities and Exchange Commission, to regulate and oversee cryptocurrencies demands more authority.
The FTX and Terra crises of the past year have highlighted the need for regulation and oversight of the crypto industry. In particular, many countries stated that crypto regulations should be made as the first priority. The activity that started in this context continues in the new year. Finally Philippines Securities and Exchange Commission, in the country wants to further increase its power of authority.
Philippine Regulator Expects More Authorization on Cryptocurrency
Philippines Securities and Exchange Commissionrelated to a range of products and services, including cryptocurrencies and digital finance products. presented the draft rules to the public.
Filipino editorthat its newly issued draft rules will make a newly signed law more functional and enter the digital asset market. stated that it would give more authority to
Under this draft, the regulator would also retain the right to sanction managers, executives or other employees in the industry who are found to have violated the law. This situation is the result of the Filipino regulator in the industry. will allow him to create his own judicial rules.
The regulator also stands out for its heavy pressure on cryptocurrencies.