The SEC announced it is partnering with the University of the Philippines Law Center (UPLC) to help update policies to regulate FinTech.
Under the partnership, the UPLC will help create a legal and regulatory framework to initially address issues around cryptocurrencies, before focusing on other FinTech products and their corresponding regulation.
SEC chairperson Emilio B. Aquino said: "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.
“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.”