New Crypto Asset Regulations Announced By Philippines SEC
According to Odaily, the Securities and Exchange Commission (SEC) of the Philippines has introduced comprehensive regulations for managing crypto assets, with an emphasis on disclosure, public offerings, trading, and marketing practices.
Enhancing Safety And Transparency
The new rules are designed to bolster investor protection and ensure greater transparency in the fast-evolving digital asset sector. As per the updated guidelines, crypto asset issuers are required to submit disclosure documents to the SEC at least 30 days prior to any marketing activities or public sales.
These documents must provide detailed information about the issuer, the key features of the corresponding crypto asset, its associated risks, and the underlying technology, along with a clear warning about potential risks such as value depreciation and limited transferability.
Complying With The System
Crypto assets deemed to be securities must have an SEC-approved registration statement before they can be publicly issued. Additionally, entities involved in the issuance or trading of crypto assets must adhere to anti-money laundering (AML) regulations and SEC reporting obligations. The Philippines SEC warns that failure to comply could lead to penalties, suspension, or even the revocation of licenses.
In any case, crypto adoption in the country continues to grow, especially since the national currency, the Philippine peso, has sharply weakened over the last 4 years and is currently among the weakest in Southeast Asia.
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