Finance Secretary Ralph Recto said regulators are looking at penning a set of guideline on cryptocurrencies.
Recto said the idea cropped up in a discussion with officials of the Securities and Exchange Commission (SEC) on ways to develop the capital markets further.
Recto said the guidelines will be a big help in protecting investors given that some are being used by scammers.
“Not all of them are probably viable,” he said.
Recto’s statement came after the SEC formally requested the National Telecommunications Commission last month to block crypto exchange platform Binance in the Philippines.
The SEC said Binance is found to have offered an investment and trading platform without the necessary license from the Commission.
The SEC was earlier mulling a framework for the digital assets like cryptocurrency but halted studies after the collapse of crypto platform FTX in 2002.
The Bangko Sentral ng Pilipinas earlier released a guideline for cryptocurrency exchanges to serve as virtual asset providers.
