The Securities and Exchange Commission of the Philippines is consulting the public on draft enforcement rules targeting crypto under a broad consumer protections law.

The regulator published its plans for implementing rules and regulations set out in the Financial Products and Services Consumer Protection Act approved by former President Rodrigo R. Duterte last May. While the act does not name individual financial services or products, the SEC's draft of rules for implementation, published Jan. 20, includes crypto in its classification of securities.

"Securities shall include 'tokenized securities products' or those which grew with the abstraction of key characteristics from cryptocurrency’s underlying distributed ledger technology to apply in the traditional financial sector," the draft said.

(By Sandali Handagama)