In a new set of proposed regulations, the Securities and Exchange Commission (SEC) of the Philippines wants to expand its jurisdiction over the local cryptocurrency business so that it may regulate cryptocurrencies and put them under its purview.
A report that was published on a local news site on January 25 said that the securities regulator has put out for public comment draught regulations pertaining to financial goods and services. These rules encompass cryptocurrencies as well as digital financial products, according to the article.
In a statement, the Securities and Exchange Commission (SEC) claimed that the proposed regulations would make a recently passed bill effective and provide it with “rule-making, surveillance, inspection, market monitoring, and greater enforcement authorities.”
The recommendations broaden the definition of a security such that it now include “tokenized securities products” as well as other financial products that make use of blockchain or…