The head of the Philippines’ Securities and Exchange Commission (SEC) is targeting draft rules for domestic cryptocurrency exchanges within weeks ahead of finalizing regulations later this year.
Cryptocurrency exchanges in the Philippines could soon operate as regulated trading platforms as authorities proactively seek to both protect investors and enable an inclusive ecosystem for cryptocurrencies to flourish in the country.
In quotes reported by BusinessWorld, SEC commissioner Ephyro Luis B.Amatong stated:
“We will put out a draft rule for the virtual currency exchanges, hopefully within the first half of September.”
See more - https://www.ccn.com/philippines-prepares-to-regulate-cryptocurrency-exchanges-as-trading-platforms/This is sort of becoming a universal trend with the mass regulation of services and businesses relating to bitcoin worldwide.
So long as this does not turn into some sort of draconian restriction on people's ability to buy and sell coins on exchanges, but rather, an effort in trying to protect all parties involved in trading activity like this, this should be a positive move overall.
These regulations will lead to a more mature market, which will lead to institutional investors being more interested within the market (whether for good or for bad).