The Philippines SEC is seeking public comment on its draft enforcement rules for cryptocurrencies under the Financial Products and Services Consumer Protection Act.
The act, approved in May 2022, does not mention specific financial services but the SEC’s draft of rules, published on Jan 20th, classifies crypto as securities and includes “tokenized securities products”.
The adoption of cryptocurrencies has increased in the Philippines and regulators are taking steps to regulate the industry.
The draft law is open for public comment until February 7th and aims to protect the interests of consumers of financial products and services with transparency, fair and sound market conduct, and fair handling of financial disputes in line with global best practices.
The Market Securities and Registration Department will be responsible for supervising entities offering securities or related services.
