Kelvin Lee, a member of the Securities and Exchange Commission (SEC) of the Philippines, clarified the timeline for the upcoming legislation aimed at unregulated crypto exchanges, including Binance, during a panel discussion. Lee’s statements and the bold steps of the Philippine SEC indicate that global regulators are focusing on the cryptocurrency market more than ever before.
Kelvin Lee stated that the law to be applied to Binance would come into effect within three months from the date of the advisory decision published on November 29, 2023. However, he added that this period could be extended depending on the feedback received.
Lee argued against the criticism that Binance should not be banned, stating that Binance’s low transaction fees were due to its failure to register with the Philippine SEC and comply with Philippine regulations. He warned investors to steer clear of unregistered crypto exchanges in the Philippines.
Lee mentioned that the legal efforts concerning cryptocurrencies in the Philippines are nearing completion and the process has evolved towards receiving feedback from a group of experts selected by public participation. He noted that there were already draft regulations at the SEC level in the country, but they aimed to introduce additional implementation rules and regulations to avoid conflicts with other regulatory bodies.
Regulatory developments reflecting the Philippine SEC’s determination to educate and protect Filipino investors in the constantly evolving cryptocurrency market were initiated following significant findings on November 29 that Binance was involved in illegal securities transactions in the country. According to Philippine legislation, companies must be registered with the SEC to operate in the securities field.