Philippines SEC proposes registration rules for crypto-asset service providers
23 December 2024 Philippines
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The Securities and Exchange Commission (SEC) of the Philippines has proposed a new set of rules relating to crypto-asset service providers (CASP).
The plans aim to require anyone providing crypto-asset services to acquire the necessary licence under CASP rules and guidelines.
All applicants for CASP registration must be a stock corporation registered with the SEC, have at least four members of staff residing in the Philippines, meet minimum capital requirements, and submit a complete application for authorisation to the SEC.
Under the proposed rules, the SEC states that it will have the power to “order the removal of a crypto asset in a crypto asset exchange in the interest of investor protection.”
It also adds that “crypto-assets services may not involve crypto-assets having features that are prohibited under the CASP Guideline” and “unless allowed by the commission, crypto asset service providers should not conduct any offering, trading, or dealing activities of futures contracts or related derivatives involving crypto assets, as well as offer margin trading.”
The plans aim to require anyone providing crypto-asset services to acquire the necessary licence under CASP rules and guidelines.
All applicants for CASP registration must be a stock corporation registered with the SEC, have at least four members of staff residing in the Philippines, meet minimum capital requirements, and submit a complete application for authorisation to the SEC.
Under the proposed rules, the SEC states that it will have the power to “order the removal of a crypto asset in a crypto asset exchange in the interest of investor protection.”
It also adds that “crypto-assets services may not involve crypto-assets having features that are prohibited under the CASP Guideline” and “unless allowed by the commission, crypto asset service providers should not conduct any offering, trading, or dealing activities of futures contracts or related derivatives involving crypto assets, as well as offer margin trading.”
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