According to a message from ChainCatcher, the Philippine Securities and Exchange Commission (SEC) has issued comprehensive rules on the management of crypto assets, covering disclosure, public offerings, trading, and marketing activities. These regulations aim to strengthen investor protection and promote transparency in the thriving digital asset market.
Under the new guidelines, issuers of crypto assets must submit disclosure documents to the SEC at least 30 days before any marketing activities or public sales. The document must provide detailed information on the providers, issuers, key features, risks, and underlying technology of the crypto assets, as well as clearly state potential risks, including loss of value and limited transferability.
Crypto assets classified as securities require a registered statement approved by the SEC to be publicly offered. Entities issuing or trading crypto assets must comply with anti-money laundering (AML) laws and SEC reporting requirements. It emphasizes that non-compliance may result in fines, suspension, or revocation of licenses. (Crowdfund Insider)
