$BTC The Philippines Tightens Regulation of the Cryptocurrency Market and Imposes Mandatory Licensing on Companies

The Philippines has announced the implementation of strict regulatory guidelines to govern the cryptocurrency market, under two new memoranda numbered 4 and 5 from the Philippine Securities and Exchange Commission. These regulations stipulate that all cryptocurrency service providers must obtain a CASP license, with stringent requirements concerning capital, disclosure, and compliance with anti-money laundering procedures. Under the new laws, obtaining a CASP license has become a prerequisite for any company providing cryptocurrency services within the Philippines. Obligations include submitting comprehensive disclosure documents 30 days prior to the commencement of any marketing activities, and these documents must contain detailed information about asset ownership, risks, and operational procedures. Minimum Capital Requirements and Conditions for Small Businesses

The Securities and Exchange Commission has imposed a minimum paid-up capital of 100 million pesos.