The Philippine SEC Collaborates with Google to Screen Crypto Ads From 7 July

The Philippine SEC (Securities and Exchange Commission) said that it is collaborating with Google to ensure crypto platforms are first screened for regulatory compliance before they can advertise their services online to domestic investors.

The move builds on recent collaboration between the SEC and Google to introduce a new screening process for personal loan apps targeting users in the Philippines. Developers of personal loan apps are required to submit a declaration and supplementary documentation before they can publish apps on Google Play Store targeting domestic users.

In a new notice, the SEC said Google would soon require advertisers offering cryptocurrency exchanges and wallets targeting the Philippine audience to present proof of their registration and/or license to operate in the country.

The new requirement, which will take effect on 7 July, will force advertisers of crypto services to demonstrate that they have registered with the SEC as companies and with the BSP (Bangko Sentral ng Pilipinas) as remittance and transfer companies.

The SEC said it has been seeking to educate the public on legitimate investment options through investor protection and financial literacy campaigns online. Over the course of the pandemic, the regulator has observed several non-existent entities that have used the online space to spread crypto investment scams.

"This continuing partnership with Google will help the [SEC] fulfill its mandate as registrar and overseer of the Philippine corporate sector, as well as protector of the investing public, in the digital age," said SEC chairperson Emilio Aquino.

"We believe the new policy can reduce the number of Filipinos falling prey to unregistered investment schemes online, who are usually victims of aggressive online advertising and intrusive tactics that make them believe in products that are often too good to be true."

Source: Regulation Asia