The Philippines SEC bans access to 10 foreign encryption exchanges as regulation tightens.

On August 6, the Philippines Securities and Exchange Commission (SEC) took action today to cut off access to ten overseas Crypto Assets exchange platforms through major internet service providers, including several well-known exchanges.

Previously, Philippine regulators warned that encryption platforms providing services to residents of the Philippines without obtaining permission and registration are violating local regulations. According to new regulations that took effect in June this year, crypto assets service providers must register as local companies in the Philippines and hold a minimum paid-up capital of at least $180 million.

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BottomMisservip
· 08-06 13:42
180 million USD is not something ordinary people can afford.
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FlatTaxvip
· 08-06 13:42
Laughing to death, still usable domestically.
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DaoDevelopervip
· 08-06 13:41
reminds me of web2 geo ip blocks... but onchain is unstoppable tbh
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MoneyBurnervip
· 08-06 13:37
The ability for fiat on-ramp is justice; which exchange can handle it?
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AirdropFatiguevip
· 08-06 13:26
Regulatory policies come one after another.
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GmGnSleepervip
· 08-06 13:24
Can't hold back, the SEC is so hateful.
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