Crypto regulation may be SEC chief's biggest legacy

The Philippines stands at a financial crossroads. With about 52% of Filipinos owning some form of cryptocurrency, the country ranks second in the world in digital asset adoption. From Bitcoin to NFTs, crypto has become more than a buzzword; it is becoming a household term, especially among young Filipinos, freelancers, OFWs and play-to-earn gamers. Yet for all its promise, this Wild West of finance continues to operate in a regulatory gray zone.

- RON F. JABAL

Enter Francis Edralin Lim, newly appointed Securities and Exchange Commission (SEC) chairman whose arrival comes at a critical time in the country's financial history. As a veteran in both legal and capital market reform, Lim is uniquely positioned to lead the charge in bringing order to the crypto frontier, while pushing the Philippines further along the path of financial innovation and inclusion.

A REFORMER AT THE HELM

Lim is no stranger to reform. As former president and CEO of the Philippine Stock Exchange (PSE) from 2004 to 2010, he led the PSE through a historic demutualization and public listing process. He introduced reforms that increased market transparency, strengthened investor confidence and modernized exchange operations — all while positioning the PSE as a credible capital-raising venue in Southeast Asia.

Beyond the PSE, Lim has served as a long-time managing partner at ACCRALAW, one of the most respected law firms in the country. He has been a counsel to multinational corporations, advised the government on corporate governance and taught law and financial regulation at the Ateneo de Manila University. His deep understanding of the legal, operational and ethical dimensions of capital markets sets him apart in a regulatory environment often bogged down by either excessive conservatism or a lack of technological fluency.