The Philippine Securities and Exchange Commission (SEC) has introduced draft regulations targeting crypto service providers, marking a significant step in the global regulatory landscape. These proposed rules prioritize consumer protection and aim to enhance market stability amid growing concerns over the volatility and risks associated with digital assets. The move reflects a broader trend among international regulators to impose stricter oversight on the cryptocurrency industry. As the market grapples with regulatory pressures, the future of crypto service providers remains uncertain, casting a shadow over the industry's growth prospects.