The Philippine Securities and Exchange Commission (SEC) has taken steps to block access to ten crypto exchanges operating without the necessary licenses. This decision has sparked considerable discussion in the crypto community.
Blocking Crypto Exchanges in the Philippines
This week, the SEC announced the ban of several crypto exchanges, including MEXC, Bitget, and CoinEx. These platforms attempted to serve users in the Philippines without appropriate licenses. In an advisory, the SEC stated that "these platforms have no license, registration, or authorization." Users trying to access these exchanges via PLDT now encounter a blocked page.
Similar Measures in Other Southeast Asian Countries
The actions taken by the SEC in the Philippines align with those of other countries in the region. For instance, Thailand blocked five crypto exchanges in May, while Indonesia tightened its taxation and regulations in this domain. This highlights an overall trend toward stricter rules for crypto platforms across Southeast Asia.
Expert Opinions on the Situation
Some experts suggest that the block might benefit local platforms in the long run. Luis Buenaventura, head of crypto at GCash, noted that while experienced users could bypass the blocks, novices would likely turn to approved apps like GCash. He emphasized the need for increased education in cryptocurrencies to protect users from scams.
Thus, the blocking of crypto exchanges in the Philippines forms part of a broader trend in regional cryptocurrency regulation. There is a growing awareness of the necessity to protect users and educate new investors.
