Philippines SEC Introduces Comprehensive Crypto Asset Regulations

According to Odaily, the Philippines Securities and Exchange Commission (SEC) has implemented extensive regulations for managing crypto assets, focusing on disclosure, public offerings, trading, and marketing activities. These regulations aim to enhance investor protection and promote transparency in the rapidly growing digital asset market. Under the new guidelines, issuers of crypto assets must submit disclosure documents to the SEC at least 30 days before any marketing activities or public sales. These documents must detail the provider, issuer, key features, risks, and underlying technology of the crypto assets, along with a clear statement of potential risks, including value loss and limited transferability. Crypto assets classified as securities require an SEC-approved registration statement for public issuance. Entities involved in issuing or trading crypto assets must comply with anti-money laundering (AML) laws and SEC reporting requirements. The SEC emphasizes that non-compliance could result in fines, suspension, or revocation of licenses.