The Philippine Securities and Exchange Commission has unveiled a draft of its regulatory framework for cryptocurrencies. Stakeholders are invited to provide feedback on the draft no later than January 18, 2025.
According to the recently published document, the published draft regulations are titled “SEC Rules on Crypto-Assets Service Providers (CASP Rules)”. The framework covers a range of crypto trading activities, including the requirements necessary to obtain a license issued by the SEC, market activities and public offerings.
SEC Philippines emphasized the importance of establishing a regulatory framework for cryptocurrencies as the country is witnessing rapid growth in the sector.
“The continued growth and development of new markets, services and business models for crypto assets are based on clear, proportionate and robust regulatory frameworks that can ensure that markets are fair, efficient and transparent.”
As a result, the SEC proposed in the draft that crypto service providers would be required to register with the SEC and obtain a CASP license if they wish to operate in the Philippines. Stakeholders are also invited to provide input on the regulatory framework by January 18, 2025.
To be eligible for a CASP license, companies must comply with the rules outlined in the framework, have at least four employees residing in the country, have a public company registered with the SEC, and meet the minimum capital requirements set by the SEC.
If a registered company is believed to have violated the rules set forth in the framework, the SEC will conduct an investigation into the crypto company’s business dealings and…
