The Philippine Securities Authority consults with the public on crypto rules

by time news

crypto (freepik photo)

The regulator has released its plans to implement rules and regulations set forth in the Financial Products and Services Consumer Protection Act approved by former President Rodrigo Duterte in May. While the law does not name individual financial services or products, the SEC’s (US Securities and Exchange Commission) draft implementing rules, published on January 20, include crypto in its securities classification.

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“Securities will include ‘tokenized securities products’ or those that have emerged with the abstraction of key features from the underlying distributed ledger technology of cryptocurrencies for application in the traditional financial sector,” the draft reads.

Crypto adoption in the Philippines surged in 2022 on the back of a market that closed with several high-profile bankruptcies, and the country’s regulators worked to rein in the industry.

“The state’s policy is to ensure that appropriate mechanisms are in place to protect the interests of consumers of financial products and services under conditions of transparency, fair and healthy market conduct, and fair and reasonable handling of financial consumer disputes, which are coordinated with global best practices,” the draft reads.

The State Securities and Market Registration Department (MSRD) will supervise entities that offer securities or related services. The SEC’s draft rule is open for public comment until February 7.

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