Following the release of the second draft of the Securities and Exchange Commission (SEC) rules, now titled “SEC Guidelines on the Operations of Crypto-Asset Service Providers (CASP),” DvCode CEO Eliezer Rabadon and TLYR Collective Co-Founder Jopet Arias shared their insights.
Their sentiments were expressed during the April 15, 2025, episode of the BitPinas Webcast which tackled Worldcoin’s iris-scanning activities in Manila, UnionBank’s quiet crypto rollout, and the SEC’s revised rules for crypto service providers.
Sending Feedback is Encouraged
While Rabadon admitted that he still has not fully read the new draft, he emphasized the importance of sending feedback and comments to the SEC. According to him, this will help the commission set guidelines for regulating crypto entities.
“As there is a request for comment, so it means kahit sinong Pilipino o kung sino man na interesadong gumawa ng business at ang focus ay ang Pilipinas then you can actually send your comment sa SEC para madinig ka nila. Ito yung panahon na hinihingi nila yung kahit na anong sentimyento meron tayong mga Pilipino para ma-incorporate nila doon sa rules.”
Eliezer Rabadon, Chief Executive Officer, DvCode
[Translation: “As there is a request for comment, it means that any Filipino, or anyone interested in doing business with a focus on the Philippines, can actually send their comments to the SEC to be heard. This is the time when they are asking for any sentiments we Filipinos may have so they can incorporate them into the rules.”]
On a lighter note, Arias jokingly suggested that the SEC should check the comment section of the BitPinas Facebook page, where many community members are actively sharing their thoughts.
“For the people na nagbabasa ng BitPinas, ito na yung time. Kaysa sa comment section lang, mag email na rin [kayo]. Healthy ngayon ang comment section recently, very passionate iyong mag tao sa pagbigay ng comment, pwedeng gamitin iyong pagkakataon na ito para magbigay ng comment [directly to the SEC.]”
Jopet Arias, Co-Founder, TLYR Collective
[Translation: “For those who are reading BitPinas articles, now is the time. Instead of just commenting on the posts, send an email too. The comment section has been very active lately, and people are passionately sharing their thoughts—this is a great opportunity to send those comments directly to the SEC.”]
In response, BitPinas Editor-in-Chief Michael Mislos, who hosts the webcast, noted that the publication could highlight specific sections of the draft to allow the community to share their insights and compile them to send to the commission.
In January, in a prior BitPinas webcast about the first CASP rules draft, crypto lawyer Atty. Rafael Padilla also encouraged the Filipino crypto community to actively review and comment, emphasizing that public participation is crucial to shaping fair regulations that foster industry growth.
He further warned that silence could be interpreted by the SEC as approval and stressed that constructive feedback should be submitted.
Coverage of the New Draft
The new version removes broad policy sections from the original draft and introduces more detailed technical and compliance requirements.
New Requirements
- CASPs must have at least ₱100 million in paid-up capital
- Submit over 15 detailed documents
- Maintain robust operational frameworks, including cyber resilience and client support.
Restrictions
- Bans leverage trading
- Unauthorized crypto derivatives
- Proprietary trading of customer funds (unless SEC-approved).
Removed or Revised
- Marketing and promotion rules: no more explicit regulations on CASP advertising or social media promotions.
- Insider trading and market manipulation: previously detailed, now only briefly mentioned.
- Disclosure requirements for public offerings and ICOs have been removed.
- Provisions for civil actions, disgorgement funds, and inter-agency coordination have been removed.
For more detailed explanation and for the full version of the draft visit: SEC New Draft Crypto Rules Adds ₱100M Capital Requirement, Registration Exemptions
In a separate article, the revisions—specifically the SEC’s allowance for registration exemptions under certain conditions and the removal of detailed marketing regulations—are discussed in greater detail.
The article also mentioned the SEC’s announcement of the Strategic Sandbox (StratBox), specifically tailored for CASPs.
This article is published on BitPinas: Crypto Leaders Urge Public to Send Comment About SEC’s New Crypto Asset Service Provider Rules
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