Philippine SEC Proposes New Rules for Crypto Regulation Strengthening
n these rules attract heavy fines ranging from PHP 50,000 to PHP 10 million, as well as possible five-year incarceration and possibly license revocation for corporations.
The Philippine SEC is taking big steps to ensure that the crypto industry in the country is safe, reliable, and transparent. With the number of crypto users growing rapidly, it’s crucial to have regulations in place to protect investors and maintain market integrity. The draft regulations are now open for public feedback until January 18, 2025, providing an opportunity for stakeholders to weigh in and help shape the future of the industry.
The proposed rules focus on licensing, transparency, and security. Crypto service providers will need to register and obtain licenses to operate, ensuring that only legitimate businesses are active in the market. These providers must also disclose detailed information about their assets to investors, promoting transparency. Additionally, the regulations aim to prevent insider trading, market manipulation, and the spread of false information, safeguarding the integrity of the market.
Strict adherence to anti-money laundering and cybersecurity standards is also required, with regular audits to ensure compliance. Violations of these rules come with hefty penalties and potential legal consequences, underlining the SEC’s commitment to upholding industry standards and protecting investors.
Overall, the SEC’s efforts reflect a broader trend of regulatory oversight in the crypto space. From Malaysia to Singapore, countries worldwide are taking steps to regulate the industry and promote innovation while ensuring consumer protection. The Philippines’ proactive approach signals its commitment to fostering a sustainable crypto economy that balances innovation with necessary controls.
