{"id":73260,"date":"2023-01-30T15:25:53","date_gmt":"2023-01-30T13:25:53","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=73260"},"modified":"2025-09-09T13:12:00","modified_gmt":"2025-09-09T10:12:00","slug":"philippines-sec-proposes-expanded-oversight-of-the-crypto-industry","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/philippines-sec-proposes-expanded-oversight-of-the-crypto-industry\/","title":{"rendered":"Philippines&#8217; SEC proposes expanded oversight of the crypto industry"},"content":{"rendered":"<p>The Philippine Securities and Exchange Commission (SEC) intends to bring digital assets within its remit and to introduce tighter oversight of players in the industry. This follows the regulator&#8217;s rulemaking proposal that was put up for discussion, <a href=\\\"https:\/\/mb.com.ph\/2023\/01\/25\/sec-getting-more-teeth-vs-crypto-online-scammers\/\\\">Manila Bulletin<\/a>.<\/p>\n<p>According to the document, the Commission will be empowered to undertake &#8220;rulemaking, supervision, inspection, market monitoring and additional enforcement powers.&#8221; This is necessary for &#8220;the protection of consumers&#8217; interests.&#8221;<\/p>\n<p>The guidelines broaden the definition of a security to include &#8220;tokenised security-based products or those using blockchain or <span data-descr=\\\"distributed ledger technology\\\" class=\\\"old_tooltip\\\">DLT<\/span>.&#8221;<\/p>\n<p>The regulator&#8217;s remit will also cover digital financial products and services accessible via digital channels.<\/p>\n<p>The proposed measures also envisage risk-management systems being integrated by financial-service providers to protect consumer rights. The SEC will be able to limit providers&#8217; ability to charge excessive interest, fees or charges.<\/p>\n<p>The regulator will gain powers to remove employees found to have breached the law and to suspend firm activities.<\/p>\n<p>In December 2022 the SEC <a href=\\\"https:\/\/www.sec.gov.ph\/advisories-2022\/unregistered-cryptocurrency-exchanges\/\\\">warned<\/a> citizens against using unregistered exchanges operating in the country. The Commission stressed that several platforms &#8220;illegally provided&#8221; their services to Filipinos.<\/p>\n<p>Earlier in June, Binance CEO Changpeng Zhao<a href=\"https:\/\/forklog.com\/en\/news\/changpeng-zhao-outlines-binance-plans-to-obtain-a-license-in-the-philippines\"> announced<\/a> plans for the exchange to obtain a license in the Philippines.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Philippine Securities and Exchange Commission (SEC) intends to bring digital assets within its remit and tighten oversight of players in the industry. This follows the regulator&#8217;s draft rules that were put up for discussion, Manila Bulletin reports.<\/p>\n","protected":false},"author":1,"featured_media":73261,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[435,36],"class_list":["post-73260","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-philippines","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/73260","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=73260"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/73260\/revisions"}],"predecessor-version":[{"id":73262,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/73260\/revisions\/73262"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/73261"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=73260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=73260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=73260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}