SEC readies rules on crypto-assets service providers

The Securities and Exchange Commission (SEC) has issued its draft guidelines that will govern the conduct of crypto-assets service providers in the country.

- By RICHMOND MERCURIO

The SEC said the rules would enhance the oversight and supervision powers of the commission over businesses that involve the offering, trading and other activities of these innovative financial products.

Further, it said the guidelines offer a certain degree of protection for investors who have the appetite to invest in highly volatile financial products.

The rules will apply to all service providers that are offering crypto-asset services in the Philippines.

"The continued growth and development of new crypto-asset markets, services and business models relies on clear, proportionate and robust regulatory frameworks, which can ensure that markets are fair, efficient and transparent. Financial consumers and investors rely on trustworthy intermediaries to transact with," the SEC said.