The Philippine Securities and Exchange Commission (SEC) is seeking to include cryptocurrencies in its control and increase its authority over local cryptocurrencies under a new rules bill.
According to a report in the Manila Bulletin on January 25, regulators have proposed rules related to financial products and services for public consultation, including cryptocurrencies and digital financial goods.
SEC said in a statement that the rules bill would bring into effect a newly signed law and give it "rule-making, supervision, inspection, market supervision and more inspection rights".
The basic policy adds the definition of securities, including "symbolic securities products" or other financial products that apply blockchain technology or distributed system ledger technology (DLT).
Other financial products, including other digital financial products and services related to data-based methods and the browsing and delivery of products and services by dealers, will be included in the strict regulatory scope of SEC.
Similarly, the level of implementation of securities laws and regulations has also been expanded. SEC will be able to limit service providers to deduct excessive loan interest, expenses or charges.
Regulators will also have the right to disqualify or suspend executive directors, management or any other employee found to have violated laws and regulations. It will also suspend the entire operation of a company.
Local laws and regulations allow SEC to make its own rules for the laws available within its jurisdiction, and the Central Bank of the Philippines and the insurance regulatory authorities of the host country also allow it to make rules to supplement the relevant laws and regulations.
The latest news means that the regulatory crackdown on cryptocurrencies continues.
In mid-late December 2022, SEC warned the public not to use unregistered trading centers operating in the Philippines, claiming that several trading centers "illegally allowed" Filipinos to browse his service platform.
In August 2022, the Central Bank of the Philippines indicated that it would suspend the application of a new virtual asset service provider (VASP) for three years, and it is expected that the whole process will resume on September 9. 1Det 2025.
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