Crypto Trading Ban Proposed to Boost Philippine Stocks
An Eagle Equities executive has proposed a crypto trading ban to shift investor focus onto the Philippine stock market. Joey Roxas, president of Eagle Equities, argued that crypto “does not do anything for the Philippine economy” and that banning crypto trading could accelerate growth in local equities. Any steps toward a crypto trading ban will likely trigger pushback from web3 communities. The SEC, however, recently clarified that its new rules for Crypto Asset Service Providers support legal trading rather than a ban.
Web3 leaders swiftly rejected the proposal. GCash executive Luis Buenaventura compared banning crypto to shutting down Spotify to boost radio, while WAV3 founder Raine Laluna warned against decisions based on fear. Block Tides CEO Myrtle Anne urged regulators to “upgrade the rails” instead of blaming crypto for market stagnation.
Social media reactions were largely negative. Many comments highlighted crypto’s liquidity and accessibility over stocks, called for structural reforms, and noted that a ban would drive traders offshore. Critics also pointed out that modern markets should embrace digital assets, citing global examples of crypto adoption.
The debate underlines ongoing friction between traditional finance and web3 advocates. Traders should monitor regulatory developments, as any move toward stricter crypto regulations could affect market sentiment and liquidity.
Neutral
The proposal for a crypto trading ban in the Philippines is an early-stage suggestion with no immediate regulatory action. Historically, similar proposals—such as India’s discussions on crypto restrictions—have stalled before becoming law. As such, the market is unlikely to react strongly. Traders may monitor any future regulatory signals, but in the short term, trading volumes and asset prices should remain stable. Over the long term, the debate highlights increasing regulatory scrutiny on digital assets, which could introduce volatility if formal restrictions are advanced. Overall, the direct impact is neutral, given the low probability of an actual ban at this stage.