news 
The Philippines is taking significant steps towards regulating its crypto market, as the Securities and Exchange Commission (SEC) has drafted new rules aimed at strengthening regulations and enhancing investor protection.
As the adoption rate of cryptocurrencies continues to soar in the country, with a staggering 43% increase in just one year, the need for robust regulatory frameworks has become increasingly pressing. The Philippines now ranks ninth globally in crypto adoption, leaving no room for complacency.
In its latest move, the SEC has proposed a set of rules that focus on licensing, transparency, and market integrity. These measures are designed to ensure that only authorized businesses operate in the country, thereby safeguarding investors from unregistered or unlicensed entities.
The proposed regulations also require public crypto assets service providers to submit detailed disclosure records at least 30 days prior to sales or marketing activities. This move is aimed at fostering transparency and ensuring that investors have access to critical information about the issuer, asset characteristics, risks, and underlying technology.
Furthermore, the rules explicitly prohibit insider trading, market manipulation, and the dissemination of false information, thereby maintaining market integrity and preventing fraud.
In addition, the new regulations also impose strict anti-money laundering (AML) requirements and cybersecurity standards on service providers. This includes compliance with the National Cybersecurity Plan to ensure adequate security measures are in place.
The proposed rules will be open for public comment until January 18, 2025, providing an opportunity for interested parties to review, contest or improve the draft regulations.
As a result of these efforts, the crypto landscape is set to become more streamlined and regulated, offering investors a safer and more trustworthy environment in which to operate.
Source: www.crypto-news-flash.com
