The Philippines SEC is soliciting public feedback on draft enforcement rules for crypto under the Financial Products and Services Consumer Protection Act passed in May 2022.

The act doesn’t name specific financial services or products but the SEC’s draft rules include crypto as securities.

The draft law defines securities as “tokenized securities products” derived from cryptocurrency’s underlying technology for use in traditional finance.

Crypto adoption has increased in the Philippines and regulators are moving to regulate the industry. The SEC’s draft is open for public comment until February 7th and the Market Securities and Registration Department will be responsible for supervising entities offering securities or related services.

The goal of the draft is to protect consumer interests in a transparent and fair market.