As the cryptocurrencies gained popularity and acceptance among people, financial regulators were also keen to scrutinize the burgeoning asset class. Many regulators across the countries believe that given the volatility, crypto assets pose a threat to the traditional financial system and to retail investors. Given the skepticism, they often try to bring these assets within jurisdiction and control over the decentralized financial system intending to safeguard the industry.
Recently a financial regulator in the Philippines is reported to make similar efforts within new draft rules. Philippines Securities and Exchange Commission (SEC) is looking for ways to have authority over cryptocurrencies. In addition, it will also be taking over the control of the local crypto industry.
As reported, the securities regulator put forward for public comment draft rules relating to financial products and services which also cover cryptocurrencies and digital financial products.
СЕЦ је у саопштењу навео да ће нацрт правила операционализовати новопотписани закон и дати му "доношење правила, надзор, инспекцију, праћење тржишта и више овлашћења за спровођење".
The guidelines expand the definition of a security to include “tokenized securities products” or other financial products using blockchain or distributed ledger technology (DLT).
Other financial products, including digital financial products and services relating to those accessed and delivered through дигитални channels along with their providers, will also come under the SEC’s remit.
Способност спровођења прописа о хартијама од вредности је на сличан начин проширена. СЕЦ би могао да ограничи пружаоце услуга да прикупљају прекомерне камате, накнаде или накнаде.
Регулатор би такође имао овлашћење да дисквалификује или суспендује директоре, руководиоце или било ког другог запосленог за кога се утврди да крши законе. Такође би могло да обустави читав рад фирме.
Локални закони дозвољавају СЕЦ-у да креира сопствена правила за примену закона у својој надлежности, централној банци Филипина и државном регулатору осигурања је такође дозвољено да креирају правила која допуњују сродне законе.
Најновији развој догађаја означава наставак жестоког обрачуна регулатора са криптовалутама.
In late December 2022, the SEC warned the public against using unregistered exchanges that were operating within the country claiming a number of exchanges were “unlawfully allowing” Filipinos to access their platforms.
Source: https://www.thecoinrepublic.com/2023/01/30/philippines-security-and-exchange-commission-seeking-to-regulate-crypto/