The post Philippines SEC Unveils New Crypto Regulation appeared first on Coinpedia Fintech News
On Thursday, the Philippines enacted stricter crypto rules under the new SEC Memorandum Circulars Nos 4 and 5, mandating a CASP license with a capital requirement and reporting of AML. Experts say this new framework in the Philippines lays the groundwork for broader crypto adoption in the country.
No License- No Business
Investment requirement policy
Physical office
Consumer Protection
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The bill was initially issued on May 30th and later took effect on June 12. It states that if a token/ crypto behaves like a financial product or security under federal law of the country, it is subject to SEC regulation.
Therefore, the SEC holds the authority to suspend or revoke the CASP license for noncompliance. Guilty CASP will face a fine of up to PHP 100 million and imprisonment for up to five years.
Luis Buenaventura, head of crypto finance at super-app GCash, said there will be substantial challenges implementing the new CASP rules.
“Regulation is rarely perfect on day one, but as long as the regulatory authority takes a progressive approach and stays open to refining the framework over time, then I think this signals the Philippines,” said Nathan Marasign, Partner at MLaw Office.
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