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