SEC proposes strict registration rules for crypto service providers
The Securities and Exchange Commission (SEC) of the Philippines has introduced draft rules requiring the registration of cryptocurrency asset service providers.
The move seeks to enhance investor protection and establish a robust regulatory framework for the growing crypto industry in the country.
Under the proposed regulations, crypto service providers must be registered as stock corporations with the SEC, employ at least four Philippines-based staff, and meet specific minimum capital requirements. Additionally, the sale of crypto asset securities would require an approved registration statement.
The SEC will also have the authority to remove crypto assets from exchanges if deemed necessary to protect investors. Activities such as futures trading, derivatives involving crypto assets, and margin trading will only be allowed with explicit SEC approval.
The proposed rules mandate service providers to adopt measures preventing market abuse, including prohibitions on insider trading and market manipulation. To enhance security, providers must implement a cybersecurity framework aligned with the country’s national cybersecurity plan and global best practices.
Aligning with global standards
The SEC highlighted the Philippines’ high adoption rate of cryptocurrencies, citing studies that rank the country among the top in crypto usage globally. According to a recent Consensys survey, 96% of Filipino respondents are familiar with cryptocurrencies, though only 46% claim to fully understand their workings.
In line with international regulatory trends, the draft rules aim to provide a clear and robust framework to ensure fair, efficient, and transparent markets. This includes granting the SEC powers to revoke licenses for illegal activities and enforcing consumer protection through audits and reviews.
The draft rules follow the SEC's earlier request to remove Binance, the world’s largest crypto exchange by trading volume, from app stores in the Philippines due to its lack of a local license. The proposed framework reflects the government’s commitment to fostering a secure and competitive crypto ecosystem as part of the Philippine Development Plan 2023–2028.
Comments on the draft rules will be accepted until January 18, 2025, providing stakeholders an opportunity to shape the future of crypto regulation in the Philippines.
Read also: Banks refuse to serve cryptocurrency hedge funds
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
