According to the new SEC leading principles, all CASPs are obliged to register in the Philippines as a joint -stock company with a paid capital of at least 100 million Filipino Peso (about $ 1.8 million), excluding digital assets. In order to obtain the approval of the regulator, industry companies must submit a business plan and detect the risks of investment in digital assets in detail. Companies working with crypto assets must also separate customer money from their own funds in order to avoid situations like the collapse of the FTX crypto -tank.
The assistant to the chairman of the SEC Paolo Ong said that the platforms should warn the Philippine users about the risks associated with the possession of cryptoactives before they make a deposit. Any person advertising digital assets or prompting investors for their purchase should also be registered in the department and have a license. These requirements are aimed at supporting local crypto industry players and fighting unregistered platforms, ONG explained.
He warned that the creators of cryptocurrency content and coaching could face forced measures if they promote fraudulent products or platforms. At the same time, the agency does not prohibit engaging in training and promoting educational materials if they do not advertise any platforms and crypto-actors.
To the question of whether people who offer trading digital assets should be registered as financial consultants, ONG replied that SEC does not have a licensing scheme for financial consultants even in traditional markets. However, in the future, these people could become participants in the normative sandbox SEC, which at the moment in the Philippines, too, said ONG. The rules presented by the SEC will be established, and the regulator is ready to discuss them with interested parties.
At the beginning of the year, several Filipino banks announced cooperation for the development of multibank stabelcoin PHPX, tied to Peso. Stablecoin will be launched on the Hedera DLT network.
Source: Bits
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