SEC Proposes Regulations to Strengthen Crypto Market in Philippines

31. Januar 2023 at 0:35 by

• The Philippines Securities and Exchange Commission (SEC) has proposed to expand its purview to include virtual currencies and digital financial products.
• The new set of regulations allow the SEC to have increased control over the country’s crypto space, including the authority to prevent service providers from levying excessive charges and to disqualify and suspend people from their positions if they are found to be in breach of the law.
• The legislation will also broaden the definition of security to include tokenized securities products and other financial instruments based on blockchain or distributed ledger technology (DLT).

The Philippines Securities and Exchange Commission (SEC) recently proposed a new set of regulations to provide the regulator with increased control over the country’s crypto space. The new regulations would expand the SEC’s purview to include virtual currencies and digital financial products, and broaden the definition of security to include tokenized securities products and other financial instruments based on blockchain or distributed ledger technology (DLT).

In a statement, SEC Chairman Jay Clayton said that the agency’s „rule-making, surveillance, inspection, market monitoring, and more enforcement powers“ would be enhanced by the legislation. Furthermore, the SEC would have the authority to prevent providers from levying excessive charges and to disqualify and suspend people from their positions if they were found to be in breach of the law.

The new regulations would also provide the SEC with the power to monitor the activities of cryptocurrency exchanges, Initial Coin Offerings (ICOs), and other crypto-related businesses. The regulator could also require crypto businesses to submit regular reports on their operations and ensure that their services comply with the law. Additionally, the SEC would be given the authority to investigate any suspicious activities related to the crypto market.

The proposed regulations are open for public comment, and upon their approval, the SEC will be able to exercise increased control over the country’s crypto space. This could potentially lead to greater investor confidence in the local crypto market, as well as pave the way for the development of more innovative blockchain-based financial services.

Posted in