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Philippines SEC releases crypto asset management rules covering disclosure, public offerings, trading and marketing activities

Philippines SEC releases crypto asset management rules covering disclosure, public offerings, trading and marketing activities

CointimeCointime2024/12/24 04:11
By:Cointime

Philippine Securities and Exchange Commission (SEC) has introduced comprehensive rules for managing crypto assets, covering disclosure, public offering, trading, and marketing activities. These regulations aim to strengthen investor protection and promote transparency in the thriving digital asset market.

Under the new guidelines, the issuance of crypto assets must submit disclosure documents to the SEC at least 30 days prior to any marketing activity or public sale. The document must provide detailed information on the offeror, issuer, key features, risks and underlying technology of the crypto asset, as well as clearly state potential risks, including value loss and limited transferability.

Crypto assets classified as securities require SEC-approved registration statements before they can be publicly offered. Entities that issue or trade crypto assets must comply with anti-money laundering (AML) laws and SEC reporting requirements. It emphasizes that non-compliance with regulations may result in fines, suspension, or revocation of licenses.

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