Philippine SEC plans to implement cryptocurrency regulations by the end of 2024

adminMay 7, 2024

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The Philippine Securities and Exchange Commission (SEC) is expected to issue new regulations for cryptocurrency operations by the second half of 2024. As explained by SEC Chairman Emilio B. Aquino, the plan is intended to oversee cryptocurrency trading. Ensures investor protection in the country.

Cryptocurrency regulatory framework to enhance investor protection

Emilio B. Aquino emphasized the need for such regulations in his discussion of the SEC’s recent actions against unauthorized cryptocurrency service providers. He emphasized that the new guidelines will help the Commission regulate and monitor cryptocurrency trading more effectively.

Recently, the SEC took significant action against Binance, a leading cryptocurrency exchange, for operating without proper licensing. This includes asking major tech companies Apple and Google to remove Binance’s app from their digital stores. Citing the urgency of the situation, Aquino said:

“I hope it’s sooner. We’ve already seen this happen before with lending apps. Response is fast. “It’s up to them (Google and Apple).”

Aquino also noted that traders often utilize virtual private networks (VPNs) to bypass these bans and access services like Binance. He noted that while this is common practice, it does not implicate the SEC in failing to enforce its regulations.

The SEC Chairman also reiterated that all cryptocurrency trading platforms operating in the Philippines must secure appropriate licenses under the National Securities Regulation Act (Republic Act No. 8799). Aquino emphasized that these measures are not intended to unfairly target specific platforms, but rather to fulfill legal obligations.

Reflecting on global events such as the FTX collapse, which resulted in significant financial losses for many investors, Aquino emphasized the importance of having a strong regulatory framework. These regulations are critical to the Philippines, which, unlike the United States, has difficulty tracking entities outside its jurisdiction.

According to Aquino, the overarching goal of these upcoming regulations is to protect investors and maintain the integrity of financial markets as the use of digital currencies grows.

Dogeverse: Sparking the Cryptocurrency Revolution with Multi-Chain Meme Coins

Dogeverse stands out in the digital asset space by integrating the operations of six blockchain platforms, including Ethereum, BNB Chain, Polygon, Base, Solana, and Avalanche. This strategic interoperability not only expands user accessibility across a variety of blockchain preferences, but also enhances Dogeverse’s appeal beyond the typical meme coin, potentially paving the way for it to evolve in the cryptocurrency market.

The coin is personified as Cosmo, a Shiba Inu, adding a charming dimension to the brand. Dogeverse’s design encourages connections between various blockchain networks, promoting a unified ecosystem within a typically fragmented blockchain environment.

One of Dogeverse’s key features is its multichain functionality, expanding the market by appealing to users who prefer specific blockchain properties, such as Ethereum’s robustness or Solana’s cost-effectiveness. Dogeverse also aims to foster stronger, more unified communities by bridging community divisions through technologies like Wormhole and PortalBridge.

Cosmo’s lore could enrich the token’s narrative, allowing each blockchain community to create their own legends, potentially elevating Cosmo to a mythical status that could rival Dogecoin.

Dogeverse has set the total supply at 200 billion tokens, of which 30 billion have been allocated to a structured pre-sale over 10 stages. Pre-sale prices start at $0.0000290 and increase to $0.000299 in the final phase. Financially, the project is targeting a soft cap of $8.83 million and a hard cap of $170.02 million.

The token quickly took the market by storm, raising over $300,000 on the first day of pre-sale. Those interested can visit thedogeverse.com for more details and participation options.

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