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coinpedia 2024-12-24 07:20:36

Philippine Crypto Crackdown: New SEC Rules Spark Major Buzz

The post Philippine Crypto Crackdown: New SEC Rules Spark Major Buzz appeared first on Coinpedia Fintech News The Philippine Securities and Exchange Commission (SEC) has shared a draft of its proposed “Crypto-Assets Service Providers (CASP) Rules.” These rules aim to regulate the fast-growing cryptocurrency market in the country. Meanwhile, the SEC is inviting public feedback to finalize the regulations, which focus on making crypto activities safer and more transparent. Aiming for Transparency and Security The proposed CASP Rules define crypto-assets as digital representations of value powered by distributed ledger technology. However, these rules aim to regulate trading, custody, public offerings, and marketing activities associated with cryptocurrencies. Service providers are required to register with the SEC and obtain necessary licenses, ensuring compliance with the Financial Products and Services Consumer Protection Act (FCPA). For public offerings, companies must submit detailed disclosure documents to the SEC at least 30 days before marketing. These documents should clearly explain the offeror’s background, the technology behind the crypto asset, potential risks, and possible loss of value. Focus on Cybersecurity and Fraud Prevention The draft rule highlights the importance of robust cybersecurity and anti-money laundering measures. Service providers must align with the National Cybersecurity Plan and undergo regular system audits to stay ahead of new threats. The proposed framework also includes Strict rules to prevent insider trading, market manipulation, and fraudulent practices. Public Feedback to Finalize Proposal On the other hand, the SEC is encouraging stakeholders to share their thoughts on the feedback by January 18, 2025. This approach aims to ensure that the regulations are fair, effective, and beneficial for the crypto industry. Philippine’s Growing Crypto Demand With a young and tech-savvy population, at an average age of 25.3 years, the Philippines is a global leader in cryptocurrency adoption. With over 562 million people worldwide now using crypto-assets, the need for strong regulatory measures to tackle risks like fraud and market manipulation has become increasingly important. These new rules mark a big step in balancing market growth with investor protection, helping the Philippines strengthen its position in the global crypto market.

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