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The Philippines Securities and Exchange Commission (SEC) seeks to bring cryptocurrencies under its scope and beef up its authority over the local cryptocurrency industry under new draft rules.
According to a Jan. 25 report in a local media outlet, the securities regulator put forward for public comment draft rules relating to financial products and services, which also cover cryptocurrencies and digital financial products.
The SEC said in a statement the draft rules will operationalize a newly signed law and give it “rule-making, surveillance, inspection, market monitoring, and more enforcement powers.”
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 digital channels along with their providers, will also come under the SEC’s remit.
Source: https://cointelegraph.com/news/philippines-securities-regulator-seeks-more-authority-to-police-the-crypto-industry