The Philippine Securities and Exchange Commission (SEC) plans to include digital assets in its scope as well as impose stricter controls on industry players.
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A local publication has reported referencing the draft rules the regulator has submitted for discussion that the regulator will be able to engage in "additional rule setting, supervision, inspection, market monitoring and enforcement powers."
According to the country's SEC, this is necessary for the "protection of consumer interests."
The guidelines reportedly expand the definition of a security to include "products based on tokenized securities or those using blockchain or DLT."
The regulator will also be responsible for digital financial products and services, which are accessed through digital channels.