As more entities bring their businesses online, the Securities and Exchange Commission (SEC) is continuing its collaboration with internet giant Google to push for regulations that would protect financial consumers and the investing public.
And as such, marketers who offer cryptocurrency exchanges and wallets to Filipinos will soon be required by Google to present proof of registration and/or license to operate in the country.
To take effect on July 7, 2022, the fresh requirement will be added to Google’s existing policy that requires all advertisers to follow local regulations.
As required by law, any entity conducting its business in the Philippines must initially register with the SEC.
Meanwhile, cryptocurrency exchange operators are mandated to register with the Bangko Sentral ng Pilipinas as remittance and transfer companies.
In a bid to prevent fraud, the SEC hopes to enlighten the public regarding legitimate investments via investor protection and financial literacy campaigns online.
Part of the concern draws from the proliferating case of scams involving cryptocurrency trading that do not even exist.