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Coin Edition 2024-12-24 07:57:19

Philippines SEC Unveils New Crypto Regulations: What You Need to Know

Philippines SEC Unveils New Crypto Regulations: What You Need to Know

Philippines SEC proposes new rules to regulate crypto-asset service providers. Crypto offerings must disclose risks 30 days before public sale under new regulations. Strict penalties for non-compliance, including fines and prison sentences. The Philippine Securities and Exchange Commission (SEC) has announced a new set of regulations to strengthen oversight in the country’s crypto sector. The SEC stated that “Rules on Crypto-Assets Service Providers (CASP Rules)” are now open to public input. These regulations address fraud and market manipulation risks while aiming to ensure investor protection and support innovation within the country’s digital asset market. The Philippines has become one of the leading countries in crypto adoption, with a young and tech-savvy population. According to reports, the country’s median age is 25, a profile that has helped fuel the growing use of digital currencies. Further, the country ranked top in global crypto adoption, with over 562 million users worldwide. What are the Key Provisions of the New Regulations? The proposed guidelines state that crypto-asset sales must provide a detailed information document to t… The post Philippines SEC Unveils New Crypto Regulations: What You Need to Know appeared first on Coin Edition .

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