The rules specify capital requirements of PHP 100mn, plus 12 months of operating expenses, and allow digital asset exchanges in the Philippines to be set up by foreign-registered entities.
The Philippine SEC (Securities and Exchange Commission) has issued draft rules governing digital asset exchanges in the country.
Digital asset exchanges can facilitate the development of the Philippine financial market provided that access to such platforms is safe, transparent, reliable and cost-effective, and where there is appropriate management of counterparty settlement risk and market price discovery, the SEC said.
The proposed rules govern the registration and operation of digital asset exchanges in the Philippines, requiring all persons or entities that form or operate such platforms to be duly incorporated under the Securities Regulation Code and its implementing rules and regulations, or under the laws of another jurisdiction, provided an information sharing arrangement is in place between the SEC and the competent regulator in the foreign jurisdiction.
Under the rules, a digital asset exchange should maintain an unimpaired paid-up capital of at least PHP 100 million (USD 1.96…
