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.
Key Components of the New SEC Crypto Regulation
No License- No Business
All crypto asset service providers in the Philippines are now required to obtain a CASP license and adhere to strict disclosure requirements.
The disclosure includes information on asset ownership, risks, and operations; crypto companies are required to submit these documents at least 30 days before beginning marketing.
Investment requirement policy
SEC is ensuring that only eligible firms enter the market, so it has set a minimum paid capital requirement of PHP 100 million. However, the SEC has also p
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