Philippines Regulators Prepare to Publish Crypto Trading Rules

The Philippines SEC is planning to release new trading rules for cryptocurrency exchanges in the coming days.

AccessTimeIconSep 4, 2018 at 7:06 p.m. UTC
Updated Sep 13, 2021 at 8:20 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

The Philippines Securities and Exchange Commission (SEC) is planning to release new trading rules for cryptocurrency exchanges in the coming days, according to local media.

The Manila Times reports that SEC Commissioner Ephyro Luis Amatong told journalists that the rules are set to be published "by the end of next week," though an exact date hasn't been specified.

Regulators in the country have been mulling various ways of regulating the cryptocurrency space for the better part of two years, a process that has seen officials putting together a framework for initial coin offerings (ICOs) as well as the actual registration of cryptocurrency exchanges. The coming ruleset is focused on exchanges that offer trading services.

"We see the need to regulate them as trading platforms," Amatong was quoted as saying.

Further, the proposed rules for ICOs are also expected to be released in their final form next week.

There's another reason that the Philippines is looking to formalize its exchange rules: the potential for millions of dollars worth of revenue in the form of license fees.

As CoinDesk reported earlier this summer, the authority that governs the Philippines Cagayan Special Economic Zone and Freeport is aiming to earn $67 million through such issuances.

The agency's senior deputy administrator has said that the CEZA charges $360,000 for a principal license and $85,000 for a regular one – opening the door to a potential income stream for the government.

Image of Philippine pesos via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.