{"id":545351,"date":"2023-01-30T09:06:00","date_gmt":"2023-01-30T06:06:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/philippines-securities-regulator-seeks-more-authority-to-police-the-crypto-industry\/"},"modified":"2023-01-30T09:06:00","modified_gmt":"2023-01-30T06:06:00","slug":"philippines-securities-regulator-seeks-more-authority-to-police-the-crypto-industry","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/philippines-securities-regulator-seeks-more-authority-to-police-the-crypto-industry\/","title":{"rendered":"# Philippines securities regulator seeks more authority to police the crypto industry"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3bf25cb418e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3bf25cb418e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/philippines-securities-regulator-seeks-more-authority-to-police-the-crypto-industry\/#%E2%80%9D_Philippines_securities_regulator_seeks_more_authority_to_police_the_crypto_industry_%E2%80%9C\" >&#8221; Philippines securities regulator seeks more authority to police the crypto industry  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Philippines_securities_regulator_seeks_more_authority_to_police_the_crypto_industry_%E2%80%9C\"><\/span>&#8221; Philippines securities regulator seeks more authority to police the crypto industry  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-5a4050f8>The Philippines Securities and Exchange Commission (SEC) is seeking to bring cryptocurrencies under its scope and beef up its authority over the local cryptocurrency industry under new draft rules.<\/p>\n<p>According to a Jan. 25 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/mb.com.ph\/2023\/01\/25\/sec-getting-more-teeth-vs-crypto-online-scammers\/\">report<\/a> in local <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a> outlet, the Manila Bulletin, the securities regulator put forward for public comment draft rules relating to financial products and services which also cover cryptocurrencies and digital financial products.<\/p>\n<p>The SEC said in a statement the draft rules will operationalize a newly signed law and give it \u201crule-making, surveillance, inspection, market monitoring, and more enforcement powers.\u201d<\/p>\n<p>The guidelines expand the definition of a security to include \u201ctokenized securities products\u201d or other financial products using blockchain or distributed ledger <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> (DLT).<\/p>\n<p>Other financial products, including digital financial products and services relating to those accessed and delivered through digital channels along with their providers, will also come under the SEC\u2019s remit.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/d5041086-5035-4d9d-8799-bf4e97b63ab7.png\"><figcaption style=\"text-align: center;\"><em>The SEC Philippines headquarters building in Makati, inside the Metro Manila region. Image: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.sec.gov.ph\/visit-us-2\/#gsc.tab=0\"><em>SEC<\/em><\/a><\/figcaption><\/figure>\n<p>The ability to enforce securities regulations is similarly expanded. The SEC would be able to restrict service providers from collecting excessive interest, fees, or charges.<\/p>\n<p>The regulator would also have the power to disqualify or suspend directors, executives or any other employee found to be in violation of the laws. It could also suspend a firm&#8217;s entire operation.<\/p>\n<p>Local laws allow the SEC to create its own rules for <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lying legislation in its jurisdiction, the central bank of the Philippines and the country\u2019s insurance regulator is also allowed to create rules to supplement related laws.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Navigating the world of crypto: Tips for avoiding scams<\/em><\/strong><\/p>\n<p>The latest development marks a continuation of the regulator&#8217;s heavy crackdown on cryptocurrencies.<\/p>\n<p>In late December 2022, the SEC warned the public against using unregistered exchanges that were operating within the country claiming a number of exchanges were \u201cunlawfully allowing\u201d Filipinos to access their platforms.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/p>\n<p>In August 2022, the Philippine central bank said it was taking a three-year-long break from accepting new virtual asset service provider (VASP) applications, with the process expected to be reopened on Sept. 1, 2025.<\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/philippines-securities-regulator-seeks-more-authority-to-police-the-crypto-industry\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Philippines securities regulator seeks more authority to police the crypto industry &#8220; The Philippines Securities and Exchange Commission (SEC) is seeking to bring cryptocurrencies under its scope and beef up its authority over the local cryptocurrency industry under new draft rules. According to a Jan. 25 report in local media outlet, the Manila Bulletin,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":545352,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/0dd790d9-33d5-4d9c-a6ad-14a9e9b4f7a1.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74898,55229,72213,70934,72287],"class_list":["post-545351","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-sec","tag-law","tag-philippines","tag-regulation","tag-security"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/545351","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=545351"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/545351\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/545352"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=545351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=545351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=545351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}