The Philippines may have to wait longer for proper cryptocurrency regulations after the country’s financial regulator delayed issuing a legal framework for the industry.
According to a local media report, Philippine Securities and Exchange Commission (SEC) Chairman Emilio Aquino said the delay in issuing the guidelines was intended to give the regulator time to assess how best to protect investors after the crash. from FTX.
However, Aquino said work on the guidelines is ongoing and the legal framework could still be issued in 2023 after the regulator studies the reasons behind the downfall of the Bahamas cryptocurrency exchange.
“We were supposed to get it out late last year, but we don’t want people to get burned,” Aquino originally commented in Filipino and translated into English using Google Translate. “Digital asset issuance is a form of capital raising, and we have to consider that because, like in FTX, they have been moving billions left, right and center.”
FTX was a cryptocurrency derivative exchange
exchange
An exchange is known as a market that supports the trading of derivatives, commodities, securities and other financial instruments, and in general, an exchange can be accessed through a digital platform or sometimes at a physical address where investors organize to perform trading. Among the main responsibilities of the stock exchange is to support honest and fair trading practices. These are useful in ensuring that the distribution of subsidized security rates on this exchange is effective
An exchange is known as a market that supports the trading of derivatives, commodities, securities and other financial instruments, and in general, an exchange can be accessed through a digital platform or sometimes at a physical address where investors organize to perform trading. Among the main responsibilities of the stock exchange is to support honest and fair trading practices. These are useful in ensuring that the distribution of subsidized security rates on this exchange is effective
Read this term That collapsed in November last year after the bank run. It is rated among the best digital asset trading platforms in the industry. Sam Bankman Fried, the exchange’s founder and former CEO, was later arrested and extradited from the Bahamas to face criminal charges in the United States.
The events around the crash and the huge amount of losses it caused to investors, amounting to billions of dollars, prompted the Philippines to tighten rules on digital assets before a legal framework was put in place. In May, the Southeast Asian country warned of a cryptocurrency derivatives platform that Gemini had launched in the country.
Gemini, Binance is facing regulatory pressure in the Philippines
In a regulatory notice, the Philippine Securities and Exchange Commission said Gemini Trust Company, the parent company behind the exchange of the same name, was not registered in commission and operated without the necessary license or authority. Gemini has launched derivatives exchanges outside of the United States, and the Philippines is among the countries where the platform has been launched.
finance poles You mentioned that Binance is currently the largest cryptocurrency trading platform
trading platform
In the forex space, a currency trading platform is software offered by brokers to their respective client base, giving them access as traders to the broader market. Most commonly, this mirrors an online interface or a mobile app, complete with order processing tools. Every broker needs one or more trading platforms to cater to different clients. Being the backbone of the company’s offering, the trading platform provides clients with quotes and a selection of tools to trade, real
In the forex space, a currency trading platform is software offered by brokers to their respective client base, giving them access as traders to the broader market. Most commonly, this mirrors an online interface or a mobile app, complete with order processing tools. Every broker needs one or more trading platforms to cater to different clients. Being the backbone of the company’s offering, the trading platform provides clients with quotes and a selection of tools to trade, real
Read this term In terms of volume, it was planning to acquire two licenses, a Virtual Asset Service Provider (VASP) License and an Electronic Money Issuance (EMI), in the Philippines.
UK Bank Integral Taps; StoneX’s flagship brokerage; Read snippets of today’s news.
The Philippines may have to wait longer for proper cryptocurrency regulations after the country’s financial regulator delayed issuing a legal framework for the industry.
According to a local media report, Philippine Securities and Exchange Commission (SEC) Chairman Emilio Aquino said the delay in issuing the guidelines was intended to give the regulator time to assess how best to protect investors after the crash. from FTX.
However, Aquino said work on the guidelines is ongoing, and the legal framework could still be issued in 2023 after the regulator studies the reasons for the downfall of the Bahamas cryptocurrency exchange.
“We were supposed to get it out late last year, but we don’t want people to get burned,” Aquino originally commented in Filipino and translated into English using Google Translate. “Digital asset issuance is a form of capital raising, and we have to consider that because, like in FTX, they have been moving billions left, right and center.”
FTX was a cryptocurrency derivative exchange
exchange
An exchange is known as a market that supports the trading of derivatives, commodities, securities and other financial instruments, and in general, an exchange can be accessed through a digital platform or sometimes at a physical address where investors organize to perform trading. Among the main responsibilities of the stock exchange is to support honest and fair trading practices. These are useful in ensuring that the distribution of subsidized security rates on this exchange is effective
An exchange is known as a market that supports the trading of derivatives, commodities, securities and other financial instruments, and in general, an exchange can be accessed through a digital platform or sometimes at a physical address where investors organize to perform trading. Among the main responsibilities of the stock exchange is to support honest and fair trading practices. These are useful in ensuring that the distribution of subsidized security rates on this exchange is effective
Read this term That collapsed in November last year after the bank run. It is rated among the best digital asset trading platforms in the industry. Sam Bankman Fried, the exchange’s founder and former CEO, was later arrested and extradited from the Bahamas to face criminal charges in the United States.
The events around the crash and the huge amount of losses it caused to investors, amounting to billions of dollars, prompted the Philippines to tighten rules on digital assets before a legal framework was put in place. In May, the Southeast Asian country warned of a cryptocurrency derivatives platform that Gemini had launched in the country.
Gemini, Binance is facing regulatory pressure in the Philippines
In a regulatory notice, the Philippine Securities and Exchange Commission said Gemini Trust Company, the parent company behind the exchange of the same name, was not registered in commission and operated without the necessary license or authority. Gemini has launched derivatives exchanges outside of the United States, and the Philippines is among the countries where the platform has been launched.
finance poles You mentioned that Binance is currently the largest cryptocurrency trading platform
trading platform
In the forex space, a currency trading platform is software offered by brokers to their respective client base, giving them access as traders to the broader market. Most commonly, this mirrors an online interface or a mobile app, complete with order processing tools. Every broker needs one or more trading platforms to cater to different clients. Being the backbone of the company’s offering, the trading platform provides clients with quotes and a selection of tools to trade, real
In the forex space, a currency trading platform is software offered by brokers to their respective client base, giving them access as traders to the broader market. Most commonly, this mirrors an online interface or a mobile app, complete with order processing tools. Every broker needs one or more trading platforms to cater to different clients. Being the backbone of the company’s offering, the trading platform provides clients with quotes and a selection of tools to trade, real
Read this term In terms of volume, it was planning to acquire two licenses, a Virtual Asset Service Provider (VASP) License and an Electronic Money Issuance (EMI), in the Philippines.
UK Bank Integral Taps; StoneX’s flagship brokerage; Read snippets of today’s news.