The Philippine SEC proposes strict crypto rules focusing on licensing, transparency, and market integrity.
Public feedback on new Philippine crypto regulations is open until January 18, 2025.
The Philippine Securities and Exchange Commission (SEC) has released draft legislation intended at changing the country’s burgeoning crypto economy. Part of the suggested “Crypto-Assets Service Providers (CASP) Rules,” these guidelines center on increasing control in trading, custody, and market safety.
With local crypto users jumping from 7.1 million to 10.49 million in just a year, the Philippines now ranks ninth internationally in adoption, highlighting the need for strong legislative action. Until January 18, 2025, the draft regulations are open for public comments, giving interested parties a chance to contest or improve the structure.
Ensuring Transparency and Strengthening Security in Philippine Crypto Regulations
The suggested rules stress required registration and licensing for crypto service providers, therefore guaranteeing that only authorised businesses run across the nation. Any entity planning to provide public crypto assets also has to send thorough disclosure records to the SEC at least 30 days before sales or marketing.
These records are supposed to provide investors with openness by including important information on the issuer, the main characteristics of the asset, any risks, and the fundamental technology.
Moreover, the regulations clearly forbid insider trading, market manipulation, and the spread of false information, therefore supporting market integrity.
The draft rules also demand adherence to anti-money laundering (AML) rules and cybersecurity standards, including congruence with the National Cybersecurity Plan, in order to handle security issues. Frequent audits will guarantee that providers of services keep strong defenses against new risks.
Violations of these rules attract heavy fines ranging from PHP 50,000 to PHP 10 million, as well as possible five-year incarceration and possibly license revocation for corporations.
This all-encompassing strategy shows the SEC’s will to safeguard investors and build a sustainable crypto industry. With its fast-increasing acceptance rate, the Philippines is likely to gain from these policies in order to balance innovation with required control. Still, the legal drive also reflects more general geographical patterns.
Looking outside the Philippines, the Securities Commission of Malaysia recently directed Bybit to stop advertising and unregistered digital asset activities, according to CNF. Especially when nations like Thailand want to include cryptocurrency into their tourism and financial sectors, regulatory cooperation is becoming increasingly important.
Besides that, with 1,600 patents and 81 crypto exchanges and a global ranking score of 85.4, Singapore is leading globally in blockchain innovation meanwhile, as we previously reported. Bahrain has been a trailblazer in the MENA area, bringing crypto-friendly corporate banking solutions to close the traditional and digital financial divide.