SEC works with Google to reinforce crypto transactions in the Philippines

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During the pandemic, it has been observed that several entities have taken advantage of the digital technology to influence the public to invest in a number of offerings including cryptocurrency.

In accordance with the partnership between the Securities and Exchange Commission (SEC) and tech giant Google, cryptocurrency exchanges and wallets targeting the Philippine audience will need to present to Google the evidence of their registration or license to operate in the country beginning July 7. This is to ensure regulatory compliance from entities doing business online, particularly the Philippine market where cryptocurrency’s popularity is increasing.

“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,” SEC Chairperson Emilio Aquino said. He also mentioned that the continuing partnership with Google would 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.

The new requirement will reinforce Google’s existing policy which calls for all advertisers to conform with local laws for any target area of advertisements. Appropriate actions will be taken to address any violations made.

Through investor protection and financial literacy campaigns online, SEC seeks to educate the public on legitimate investment options. 

About 2cash

2cash is a FinTech development firm that provides unlimited trading and transactions through the AC20, plus pays rewards to all AC20 members when they invite others. In addition to the AC20, members can also enjoy ProTrade, Crypto-Commerce, BillPay, and other features available in the 2cash wallet.

For more information, visit www.2cash.io and create a free account using the promo code of the person who invited you. If you have found 2cash online, we will provide you a promo code.  Should you need assistance or have any questions you can chat with us at https://www.facebook.com/2cashnetwork or visit the 2cash Help Centre at https://help.2cash.io.

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