After the launch of the second draft of the rules of the Bag and Securities (SEC) commission, now entitled “SEC guidelines on the operations of crypto-active service providers (CASP)”, the CEO of DVCODE, Eliezer Rabadon and the collective co-founder of Tlyr, Jopet Arias, shared their insights.
His feelings were expressed during the episode of April 15, 2025 of the Bitpine web transmission which addressed the Iris scan activities of WorldCoin in Manila, the silent deployment of UnionBank crypto and the reviewed rules of the SEC for cryptographic service providers.
Comments are promoted
While Rabadon admitted that he has not yet read the new draft, emphasized the importance of sending comments and comments to the SEC. According to him, this will help the commission establish guidelines to regulate cryptographic entities.
“As there is a request for comments, it means that any Filipino or any person interested in doing business and the approach is the Philippines, then you can send your comment to the SEC so that they can listen to it. It is a time when they request any feeling that we have Filipino to incorporate the rules.”
Eliezer Rabadon, Executive Director, DVCODE
[Translation: “As there is a request for comment, it means that any Filipino, or anyone interested in doing business with a focus on the Philippines, can actually send their comments to the SEC to be heard. This is the time when they are asking for any sentiments we Filipinos may have so they can incorporate them into the rules.”]
In a lighter note, Arias suggested joking that the SEC should consult the comments section of the Bitpinas Facebook page, where many community members actively share their thoughts.
“For people who read bitpins, this is the time. Instead of just making comments, sending an email well [kayo]. The comments section is healthy now, very passionate by your person to comment, you can take this opportunity to comment [directly to the SEC.]”
Jopet de Arias, co -founder, Tlys Collectic
[Translation: “For those who are reading BitPinas articles, now is the time. Instead of just commenting on the posts, send an email too. The comment section has been very active lately, and people are passionately sharing their thoughts—this is a great opportunity to send those comments directly to the SEC.”]
In response, the Bitpine Chief Editor, Michael Mislos, who organizes the web transmission, said the publication could highlight specific sections of the draft to allow the community to share their ideas and compile them to send to the commission.
In January, in a previous web transmission of bitpins on the first draft of the CASP rules, Crypto Lawyer Atty. Rafael Padilla also encouraged the Philippine cryptographic community to actively review and comment, emphasizing that public participation is crucial to shape the fair regulations that encourage industry growth.
He also warned that silence could be interpreted by SEC as approval and emphasized that constructive comments must be submitted.
New draft coverage
The new version eliminates the broad policies of the original draft policies and introduces more detailed technical and compliance requirements.
New requirements
- CASS must have at least ₱ 100 million in paid capital
- Send more than 15 detailed documents
- Keep robust operations, including cyber resilience and customer support.
Restrictions
- Prohibition leverage trade
- Unauthorized cryptographic derivatives
- Patented client funds (unless the SEC will be approved).
Eliminated or reviewed
- Marketing and Promotion Rules: No more explicit regulations on CASP advertising or social media promotions.
- Internal trade and market manipulation: previously detailed, now it is only mentioned briefly.
- Dissemination requirements for public offers and ICO have been eliminated.
- The provisions for civil actions, return funds and inter -institutional coordination have been eliminated.
For a more detailed explanation and for the full version of the draft of the visit: Sec The new draft of the cryptographic rules adds ₱ ₱ ₱ ₱ 100m capital requirement, registration exemptions
In a separate article, the reviews, specifically the assignment of the SEC for registration exemptions under certain conditions and the elimination of detailed marketing regulations, are discussed in greater detail.
The article also mentioned the announcement of the SEC of the Strategic Sandbox (Stratbox), specifically adapted for CASP.
This article is published in bitpins: crypto leaders
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