The regulators are crafting the guidelines helping shield cryptocurrency investors from fraudsters and other market actors who take advantage of the unwitting and the unsophisticated, Finance Secretary Ralph Recto said.
Recto said this surfaced in discussions with officials of the Securities and Exchange Commission looking to develop further the domestic capital market.
The guidelines will help protect investors from investment fraudsters who have taken advantage of the lax regulatory environment at present.
According to Recto, not all of those entities offering cryptocurrency services have proven viable.
“We should be careful here as there are many scams involving cryptocurrency. Not all of them are probably viable,” Recto said at the sidelines of the induction of the officers of Economic Journalists Association of the Philippines.
Earlier, the SEC requested the National Telecommunications Commission to banish the crypto exchange platform Binance in the Philippines.
The SEC said Binance was found to have offered investments and operated a trading platform without the requisite license from the agency.
The SEC first flagged Binance’s unlicensed operations in November last year and worked to block its website and other online presence in the Philippines.
“Considering the size and volume of Binance’s operations, however, the SEC ensured that the investing public would have enough time to exit the platform and reposition their portfolio in favor of authorized investment products and platforms,” the SEC said.
