According to Deep Tide TechFlow news, on December 24, the Philippine Securities and Exchange Commission (SEC) issued comprehensive regulations for cryptographic assets, covering information disclosure, public offerings, trading, and marketing activities. The aim is to enhance investor protection and improve the transparency of the emerging digital asset market.
Under the new guidelines, cryptographic asset issuers must submit a disclosure document to the SEC at least 30 days before any marketing activity or public sale. This document must detail the offeror, issuer, key features, risks, and underlying technology of the cryptographic asset, and clearly state potential risks, including value loss and limited transferability.
Cryptographic assets classified as securities must submit a registration statement approved by the SEC before a public offering. According to the definition in the Securities Regulation Code (SRC), if an Initial Coin Offering (ICO) is deemed to involve the sale of securities, it falls under this rule.
Entities issuing or trading cryptographic assets must comply with anti-money laundering (AML) laws and SEC reporting requirements. The SEC emphasizes that violations may result in fines, suspension, or revocation of licenses.
The new regulations will take effect 30 days after being published in two widely circulated newspapers.