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The Securities and Exchange Commission (SEC) of the Philippines has opened applications for its strategic sandbox program (Stratbox), aimed at promoting innovation in the growing field of Crypto-Aset services.
Described in the circular of the dry memorandum n ° 09-2024, the Stratbox initiative is designed to create a controlled environment where Crypto-Aset service providers (CASPS), such as crypto exchanges and virtual asset guards, can pilot new products, services and commercial models.
The sandbox will allow regulators to collect valuable information on the risks, advantages and regulatory challenges associated with crypto-active operations, according to local media reports.
The data collected via the Stratbox will support the development of more robust and effective regulatory frameworks, while focusing on investor protection, market integrity and overall financial system stability.
Although mainly intended for casps, the SEC also welcomes the applications of innovators in other areas of financial technology.
Interested entities must fill out the STROTBOX SEC application form and submit it with support documents to the Philifintech Innovation Office, as indicated in the circular.
SEC encourages eligible participants to apply and participate in the training of a transparent and secure regulatory environment for digital assets in the Philippines.
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In our latest report on the state of Crypto, new data reveal why people in Argentina, Kenya, the Philippines and Switzerland use crypto to resolve the frustrations of their financial system and improve their level of economic freedom.
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Earlier this year, a group of Philippine banks has united its forces to launch a stablecoin on the back of Peso, PHPX, to improve cross -border payments and promote financial inclusion.
The PHPX token should make its debut between May and July, taking advantage of the technology of the great decentralized book (DLT) via the Hedera network.
The Fintech startup based in Singapore, Just Finance, led me to the project, with key participants, notably Unionbank of the Philippines, Rizal Commercial Banking, Cantilan Bank and Rural Bank of Guinobatan.
Last year, the Central Bank of the Philippines, Bangko Sentral NG Pilipinas (BSP), gave the green light for the controlled tests of a national stablecoin which would be set 1: 1 to the local peso.
The Philippines SEC unveil rules for rules for crypto service providers, search for public comments
In December, the Philippine Securities and Exchange Commission (SEC) published a regulatory framework project entitled “SEC Rules on Crypto-Wessts Service Suppliers (CASP Rules)”, inviting stakeholders to submit comments.
Under the draft rules, cryptographic companies must register with the SEC and obtain a CASP license to operate in the Philippines.
Eligibility conditions include the creation of equity companies, employing at least four local residents and meeting minimum capital standards.
Caps will also be subject to regular audits and required to line up on the national cybersecurity level to mitigate money laundering and cyber liking.
The framework also includes rules for public crypto networks. Companies must publish a disclosure document detailing information from issuers, underlying technology and risk disclosure 30 days before the sale.
The Philippines Dry post opens applications for regulatory sand focused on crypto-axed on cryptocurrency on cryptonews.
post url: https://altcoin.observer/the-dry-philippines-open-requests-for-regulatory-sand-focused-on-crypto/