Philippines launches comprehensive rules for crypto asset regulation

PANews reported on December 24 that, according to Crowdfund Insider, the Philippine Securities and Exchange Commission (SEC) has introduced extensive crypto asset management rules covering disclosure, public offerings, trading and marketing activities. These regulations are intended to enhance investor protection and promote transparency in the booming digital asset market.

Under the new guidelines, crypto asset offerings must submit disclosure documents to the SEC at least 30 days before any marketing activity or public sale. The document must detail the cryptoasset’s provider, issuer, key features, risks and underlying technology, as well as a clear statement of potential risks, including loss of value and limited transferability.

Cryptoassets classified as securities require an SEC-approved registration statement before they can be offered publicly. Entities that issue or trade cryptoassets must comply with anti-money laundering (AML) laws and SEC reporting requirements. It stressed that failure to comply could result in fines, suspension or revocation of the license.