The online gambling sector is in dire need of a reputable regulator that takes a chance to license crypto casinos. With the Philippines promising a cryptocurrency framework in 2024 and its pro-casino stance, could they make this dream come true?
One of the biggest white whales in the world of online gambling is a reputable licensing jurisdiction that will also license crypto casinos. While the government of Curacao regulates most cryptocurrency gambling sites, it does not carry the same value as it would have had the licensing region been the UK, Sweden, or even Malta.
With its reputation as a pro-gambling country and its positive stance on cryptocurrencies, the Philippines is taking a proactive step forward in crypto casino regulation and licensing. This demonstrates the country's commitment to protecting its citizens and ensuring financial growth, providing reassurance to the industry.
Crypto Framework Planned for 2024
The elegance and balance of the Philippine's online gambling and land-based casino bill show that they understand what is needed to simultaneously encourage market growth, provide necessary funding to the government, and protect local consumers.
The local Securities and Exchange Commission (SEC) Chairperson Emilio B. Aquino said:
Quote“We have to come up with (a framework); we will issue it by the second half of this year.”
They hope to follow this same methodology when implementing their soon-to-be-released crypto framework. The SEC has clarified that the framework focuses on protecting its citizens and ensuring the industry provides financial growth for the country.
SEC Begins Cleaning Its Digital House
A sure sign that the local cryptocurrency market will go live soon is the pressure the government is putting on what it has deemed “illegal” crypto exchanges.
The most recent exchange to be criticised is Binance. The regulator requested scrubbing the Binance app from local Google and Apple app stores.
Aquino explains the call for action by saying:
Quote“[The removal of the apps will] prevent the further proliferation of its illegal activities in the country and protect the investing public from its detrimental effects on our economy.”
Proving their desire to protect their people lies at the core of their actions, he added:
Quote“We have learned from the experience of what happened to FTX. Many Americans were ‘burned’ there. But what’s good about it is that they have the long-arm statute. - It is different for us. Our laws just say that the sale and offering of securities made within the Philippines… That is the only capability we have. We cannot run after people outside.”
The 2022 collapse of the Bahamas-based exchange FTX was an eye-opener, if not a deterrent, for many markets looking to step into the world of digital assets. Rather than being scared off, the Philippines has taken the company’s catastrophic implosion as a lesson in what not to do.
One of the first steps for any exchange, including Binance, to operate in the Philippines is to acquire a license. All licensees are subject to local law and must prove they have the assets to pay Filipino investors.
It is worth noting that, once again, this is a key requirement for being licensed to offer games of chance in the Philippines as well, making it an incredibly safe and secure gambling market.
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