Philippines SEC Proposes a New Legal Framework for Crypto
The Securities and Exchange Commission (SEC) in the Philippines has released a draft of its new regulatory guidelines for crypto-asset service providers (CASP Rules), which are open for public feedback.
These rules are designed to govern the country’s growing crypto industry, which has experienced significant growth in recent years. With a median age of 25, the Philippines has become a hub for cryptocurrency adoption, attracting millions of users.
With the global crypto market exceeding 562 million users, the SEC hopes to protect against potential risks such as fraud and market manipulation while also creating a supportive environment for innovation. The proposed regulations define crypto-assets as digital representations of value that use distributed ledger technology.
The new framework will oversee activities involving crypto-assets such as trading, custody, and public offerings.
