PANews reported on December 24 that according to Crowdfund Insider, the Philippines Securities and Exchange Commission (SEC) has introduced extensive crypto asset management rules covering disclosure, public offerings, trading and marketing activities. These regulations are designed to strengthen investor protection and promote transparency in the booming digital asset market.
Under the new guidelines, crypto asset issuance must submit a disclosure document to the SEC at least 30 days before any marketing activities or public sales. The document must detail the provider, issuer, main features, risks and underlying technology of the crypto asset, as well as clearly state potential risks, including loss of value and limited transferability.
Crypto assets classified as securities require a registration statement approved by the SEC before they can be publicly issued. Entities that issue or trade crypto assets must comply with anti-money laundering (AML) laws and the SEC's reporting requirements. It emphasizes that non-compliance may result in fines, suspension or revocation of licenses.
