The Philippines Securities and Exchange Commission (SEC) aims to bring cryptocurrencies under its purview. It is believed that the platform aims to increase its supervision over the local cryptocurrency industry based on new draft rules, as reported by Cointelegraph.
According to Cointelegraph, the securities regulator asked for public comment draft rules around financial products and services, along with cryptocurrencies and digital financial products. Reportedly, the SEC mentioned that the draft rules will become a newly signed law and provide it “rule-making, surveillance, inspection, market monitoring, and more enforcement powers.” It is believed that the guidelines will take into account “tokenised securities products” or other financial items using blockchain or distributed ledger technology (DLT).
On the basis of information by Cointelegraph, the SEC would enable prevention of service providers from receiving extra interest, fees, or charges. Furthermore, the regulator would have the right to remove directors, executives or anybody else found in contempt of the laws. Reportedly, local laws permit the SEC to draft its own rules for applying legislation in its jurisdiction.
Moreover, Cointelegraph noted that the latest news intends to show the regulator’s crackdown on cryptocurrencies. In December, 2022, the regulator informed public about the cons of using unregistered exchanges that were functional within the country, claiming certain exchanges were “unlawfully allowing” Filipinos to access their platforms.
(With insights from Cointelegraph)