The Philippines Securities and Exchange Commission (SEC) is taking a significant step towards regulating the crypto sector in the country as they have released a bunch of draft rules and regulations and are now seeking feedback from the public to finalize the laws.
This is a solid step for the crypto industry in the Philippines and a sign that the government is taking a proactive approach to providing a safe and encrypted environment for digital asset transactions.
Moreover, this is a crucial moment for the crypto community as users in the Philippines will be able to have their say and influence the future of the sector as the SEC is open to hearing from individuals, organizations, and businesses involved in the crypto industry and wants to ensure that the rules and regulations are fair, effective, and in line with international best practices.
Filipino Crypto Users Get In A Conversation With The SEC
The Philippines SEC is seeking public view to draft its crypto law and bring the crypto business under the general consumer protection law. Previously, the SEC stepped up to get crypto under rules and regulations in order to protect investors’ funds just after the sudden fall of the crypto exchange FTX.
Now, the regulatory body is inviting the public to comment on these draft rules, creating a chance for crypto enthusiasts to come together and shape the future of the industry in the Philippines.
With the implementation of the Financial Products and Services Consumer Protection Act signed by former President Rodrigo R. Duterte, the regulator is stepping up to ensure that everyone involved in the crypto space can provide suggestions with confidence.
However, the act does not indicate any specific names or crypto firms; the draft includes crypto in the classification of securities. The draft law will accept public views, including opinions and suggestions, till 7 February.
Crypto Adoption To Skyrocket In Philippines
The Philippines is on fire with the crypto fever that swept the nation in 2022! With the bull market at its peak, everyone wanted a piece of the action, and adoption skyrocketed. But as the market cooled and high-profile bankruptcies made headlines, regulators stepped in to bring stability to the wild west of crypto.
And now, the Philippines Securities and Exchange Commission (SEC) is taking charge and leading with its bold move to regulate the crypto space. But they’re not just talking the talk; they’re walking the walk with a draft of rules that will put the crypto industry in the Philippines on a level playing field with the rest of the world.
The draft law states, “Securities shall include ‘tokenized securities products’ or those which grew with the abstraction of key characteristics from cryptocurrency’s underlying distributed ledger technology to apply in the traditional financial sector.”
It further states, “It is the policy of the State to ensure that appropriate mechanisms are in place to protect the interest of consumers of financial products and services under the conditions of transparency, fair and sound market conduct, and fair, reasonable, and effective handling of financial consumer disputes, which are aligned with global best practices.”
The Philippines Securities and Exchange Commission (SEC) is making it known that they mean business when it comes to regulating the crypto industry! As the crypto industry is getting bigger every day, the SEC wants to make sure everyone is abiding by the rules.
Therefore, a violation of the law will force the authority to suspend a director, executive, or employee of a crypto firm. Additionally, if a firm is found to violate the new regulations, the SEC has the power to suspend their entire operation. In addition, the country’s Market Securities and Registration Department (MSRD) will be deployed to review firms offering crypto services and securities to the residents of the Philippines.
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- Source: https://coinpedia.org/news/breaking-philippines-securities-regulator-wants-public-opinions-to-draft-the-countrys-crypto-law/