Public policy think tank Infrawatch PH on Monday urged the government to strengthen its regulatory oversight of cryptocurrency exchanges that offer services to Filipinos, warning of the possible risks taken by their local customers.
“The recent developments in foreign jurisdictions provide the BSP and other regulators with ample motivation to take stronger action against unregistered [virtual asset service providers] operating in our country,” Infrawatch PH Convenor Terry Ridon said in the June 26 letter.
“While we commend the regulatory responses made by Philippine authorities, we firmly believe that a stronger regulatory approach is necessary,” the letter read, referring to the two latest regulatory advisories issued by the BSP and the SEC. The SEC further cautioned the public against investing with the global company that operates the largest cryptocurrency exchange to date.Likewise, the BSP issued a public advisory in the same month, urging the public to refrain from engaging with unregistered or internationally domiciled virtual asset service providers.
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