Philippine Securities and Exchange Commission (SEC) Commissioner Kelvin Lester Lee announced the country's readiness to actively develop blockchain technology to accelerate the digital transformation of the Philippines. The government has developed a strategy aimed at meeting the needs of the population and economic development through the implementation of blockchain, which contributes to improving the quality of life.

The Commissioner also refuted the widespread belief that the public sector is not interested in innovations, pointing to the presence of blockchain supporters in the government. He emphasized that hindering the development of blockchain could leave the country behind in global innovation trends. However, he stressed the importance of choosing a reliable blockchain.

“It is important to choose a blockchain that is trustworthy, has a good reputation, and, of course, is not fraudulent,” explained Kelvin Lester Lee.

He also reported that the SEC is working on developing regulations for the cryptocurrency sector, which will be applied to exchanges and mobile lending applications. In June, the commission announced the postponement of the introduction of these rules until the end of 2023 for more thorough development.