The Securities and Exchange Commission (SEC) has teamed up with the University of the Philippines Law Center (UPLC) to formulate new policies to better regulate financial technology (fintech) in the country.
The SEC and UPLC signed a memorandum of understanding for the conduct of joint research projects, capacity building and policy analysis, and resource and information sharing concerning fintech.
Under the partnership, UPLC will provide aid in the creation of a legal and regulatory framework to initially address issues surrounding cryptocurrencies, before focusing on other fintech products and their corresponding regulation.
The SEC, for its part, will provide resources to help support activities that may be conducted by the UPLC regarding cryptocurrencies and fintech activities.
“At present, we at the SEC have been making use of laws and regulations tailored for traditional securities. Although these principles were laid down in the 1930s, they are considerably effective against cryptocurrency scams that are just run-off-the-mill Ponzi schemes,” SEC chairman Emilio B. Aquino said in his speech during the signing ceremony.
“However, we strive to serve the Filipino the best way possible – that is why we are motivated to issue rules addressing cryptocurrencies and blockchain technology, specifically for the issuance of digital assets and the regulation of digital asset exchanges,” he added.
The SEC has been pursuing several initiatives to address emerging technologies in the financial sector.