In a recently held BitPinas Webcast, crypto lawyer Atty. Rafael Padilla reminded the public to participate and provide comments for the Securities and Exchange Commission’s (SEC) draft proposed “Rules on Crypto Asset Service Providers.”
What is the meaning: By providing feedback, the local crypto community plays its role in shaping regulations that could affect the growth and adoption of the industry in the Philippines.
Key details:
Key quote:
“Remember that these are draft rules, not yet approved. If we do not agree with the rules, let us act and participate in the consultation process. The difficult thing is that there are only complaints but nothing is done. I am telling our audience (BitPinas community, Crypto PH community in general) to review these rules. If you want to complain, there is something you can do about it. Participate in the public consultation, tell the SEC what your concern is.
Lawyer. rafael padilla
[Translation: Remember that these are draft rules and not yet approved. If we don’t agree with the rules, let’s take action and participate in the consultation process. The problem is when people just complain but don’t do anything about it. I’m telling our audience—the BitPinas community and the Crypto PH community in general—to review these rules. If you want to complain, there’s something you can do about it. Participate in the public consultation and tell the SEC your concerns.]
Lawyer. padilla Additionally, he urged the community and industry to step forward and make their voices heard by the SEC, as failure to speak up could lead the SEC to assume that the proposed policy is acceptable as is.
How it works: Comments on the draft “Rules on Cryptoasset Service Providers” can be sent to Atty. Paolo Montano M. Ong at the SEC Headquarters or by email at [email protected] before January 18, 2025.
SEC Draft Rules on Crypto Asset Service Providers: The Philippine SEC recently published draft rules for cryptoasset service providers, detailing licensing, compliance, marketing, cybersecurity, anti-market manipulation, and penalties.
Between the lines: While regulation is necessary, overly strict or poorly designed rules could stifle innovation and drive web3 companies to move to more cryptocurrency-friendly jurisdictions.
However: The challenge lies in ensuring that community feedback is well organized, constructive, and supported by data or compelling arguments to effectively influence SEC decisions.
worth reading: Consequently, the Philippine crypto community expressed mixed reactions to the SEC’s draft rules for CASPs, with some highlighting their potential to improve transparency and consumer protection, while others criticized them as restrictive, onerous, and misaligned with innovation.
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