The Filipino securities watchdog is looking to expand the definition of securities to include crypto and exercise more power over the crypto industry.
Other financial products, including digital financial products and services relating to those accessed and delivered through digital channels along with their providers, will also come under the SEC’s remit.The ability to enforce securities regulations is similarly expanded. The SEC would be able to restrict service providers from collecting excessive interest, fees, or charges.
The regulator would also have the power to disqualify or suspend directors, executives or any other employee found to be in violation of the laws. It could also suspend a firm's entire operation. Local laws allow the SEC to create its own rules for applying legislation in its jurisdiction, the central bank of the Philippines and the country’s insurance regulator is also allowed to create rules to supplement related laws.The latest development marks a continuation of the regulator's heavy crackdown on cryptocurrencies.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What the FTX creditor matrix does — and doesn’t — tell us about the exchange’s bankruptcyMillions of FTX customer names are still being kept secret in bankruptcy court.
Read more »
Gov. Kathy Hochul in ‘awkward’ exchange with critic Melissa DeRosaSpies at the Capital Grille told Page Six they saw Hochul approach DeRosa in a booth at the eatery that’s known as a political power den.
Read more »
SEC investigating Tesla's self-driving vehicle claims made by Elon MuskThe U.S. Securities and Exchange Commission is investigating claims made by Tesla CEO Elon Musk regarding the company's autopilot vehicle feature.
Read more »
Philippines to offer value-added tax refund to foreign tourists by 2024Philippines President Ferdinand Marcos has approved a value-added tax refund programme for foreign tourists by 2024 to attract more visitors, the Presidential Communications Office (PCO) said on Sunday.
Read more »
Shaquille O'Neal Roasts Kevin Durant During Social Media ExchangeShaquille O'Neal clapped back at Kevin Durant on social media Saturday, commenting on the Brooklyn Nets star's hair.
Read more »