Share this article
Philippines Securities Regulator Seeks Comment on Draft Crypto Rules
Draft laws published this month seek to bring crypto assets under the purview of the country's Securities and Exchange Commission.
Updated Jan 30, 2023, 3:47 p.m. Published Jan 30, 2023, 11:28 a.m.
Make us preferred on Google
The Securities and Exchange Commission of the Philippines is consulting the public on draft enforcement rules targeting crypto under a broad consumer protections law.
The regulator published its plans for implementing rules and regulations set out in the Financial Products and Services Consumer Protection Act approved by former President Rodrigo R. Duterte in May. While the act does not name individual financial services or products, the SEC's draft of rules for implementation, published Jan. 20, includes crypto in its classification of securities.
STORY CONTINUES BELOW
"Securities shall include 'tokenized securities products' or those which grew with the abstraction of key characteristics from cryptocurrency’s underlying distributed ledger technology to apply in the traditional financial sector," the draft said.
Crypto adoption in the Philippines skyrocketed in 2022 on the tail end of the bull market that closed with multiple high-profile bankruptcies, and regulators in the country have been moving to clamp down on the industry.
"It is the policy of the State to ensure that appropriate mechanisms are in place to protect the interest of consumers of financial products and services under the conditions of transparency, fair and sound market conduct, and fair, reasonable, and effective handling of financial consumer disputes, which are aligned with global best practices," the draft says.
The country's Market Securities and Registration Department (MSRD) will be tasked with supervising entities offering securities or related services.
The SEC's draft law is open for public comment through Feb. 7.
Read more: Southeast Asia Leads the World in Crypto Adoption, Propelled by Play-to-Earn Gaming: Chainalysis
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
SEC clarifies rules for tokenized stocks, tightening scrutiny on synthetic equity
The agency says issuer approval is required for true tokenized ownership, warning that many stock tokens sold to retail investors provide only indirect or synthetic exposure.
What to know:
- The Securities and Exchange Commission issued new guidance clarifying that tokenized stocks are subject to existing securities and derivatives rules, regardless of whether they are recorded on a blockchain.
- The agency drew a sharp line between issuer-sponsored tokenized securities, which can represent true equity ownership, and third-party products that typically provide only synthetic exposure or custodial entitlements.
- Regulators signaled they aim to curb the spread of synthetic equity products to retail investors while encouraging issuer-approved, fully regulated tokenization structures.
Top Stories
