SEC readies guidelines on crypto asset services

The Securities and Exchange Commission (SEC) will soon come out with the final rules on crypto-asset service providers (CASP) in an effort to mitigate risks that may come from innovative financial products.

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The SEC has issued its draft guidelines on the operations of CASPs as well as draft rules for public comment and will consider suggestions and recommendations in coming up with the final guidelines.

“The commission is drafting new rules on crypto-asset service providers, which aim to enhance its oversight and supervision of businesses that offer, trade and otherwise engage in innovative financial product activities,” SEC chair Emilio Aquino said.

“We are now considering suggestions and recommendations from the industry as we draft the final guidelines,” he said.

Aquino said the SEC’s goal is to make the Philippines a safe hub for financial technology (fintech) development by securing the country’s financial system.

With the Philippines’ exit last February from the gray list of the Financial Action Task Force (FATF), Aquino expects more interest from global investors in the country’s fintech sector.