PANews reported on December 24 that the Philippine Securities and Exchange Commission (SEC) has introduced comprehensive regulations for crypto asset management, covering disclosure, public issuance, trading, and marketing activities. These regulations aim to strengthen investor protection and enhance transparency in the thriving digital asset market.
According to the new guidelines, the issuance of crypto assets must submit disclosure documents to the SEC at least 30 days before any marketing activities or public sales. This document must detail the provider of the crypto assets, the issuer, key characteristics, risks, and underlying technology, and clearly state potential risks, including value loss and limited transferability.
Crypto assets classified as securities require a registration statement approved by the SEC for public issuance. Entities that issue or trade crypto assets must comply with anti-money laundering (AML) laws and SEC reporting requirements. It emphasizes that non-compliance may result in fines, suspension, or revocation of licenses.