SEC and Google Collaborate to Filter Crypto Ads in PH

The Securities and Exchange Commission (SEC) continues to work with Google to ensure regulatory compliance for entities doing business online to protect the investing public and other financial consumers.

After updating its process for selecting online lending apps to help combat the proliferation of predatory lending, Google will soon require advertisers offering cryptocurrency exchanges and wallets targeting the Filipino audience to show proof of their registration and/or operating license in the country.

The new requirement, which goes into effect on July 7, adds to Google’s existing policy that requires all advertisers to comply with local laws for all areas targeted by their advertisements. Google will take appropriate action to remedy any breach.

As the national government regulatory body responsible for overseeing the corporate sector, entities doing business in the Philippines must first register with the SEC, generally. Meanwhile, operators of cryptocurrency exchanges must register with the BSP as remittance and transfer companies, in accordance with BSP Circular No. 944 issued on February 6, 2017.

The SEC seeks to educate the public about legitimate investment options through investor protection campaigns and online financial education. During the pandemic, the Commission has observed that several entities have taken advantage of the online space to spread investment scams allegedly engaged in cryptocurrency trading when, in fact, these do not exist. not.

The SEC has consistently reminded the public to be vigilant and exercise due diligence before transacting or dealing with anything in SEC, GOOGLE COLLABORATE ON SCRENING CRYPTO ADS IN PH
The Securities and Exchange Commission (SEC) continues to work with Google to ensure regulatory compliance for entities doing business online to protect the investing public and other financial consumers.

After updating its process for selecting online lending apps to help combat the proliferation of predatory lending, Google will soon require advertisers offering cryptocurrency exchanges and wallets targeting the Filipino audience to show proof of their registration and/or operating license in the country.

The new requirement, which goes into effect on July 7, adds to Google’s existing policy that requires all advertisers to comply with local laws for all areas targeted by their advertisements. Google will take appropriate action to remedy any breach.

As the national government regulatory body responsible for overseeing the corporate sector, entities doing business in the Philippines must first register with the SEC, generally. Meanwhile, operators of cryptocurrency exchanges must register with the BSP as remittance and transfer companies, in accordance with BSP Circular No. 944 issued on February 6, 2017.

The SEC seeks to educate the public about legitimate investment options through investor protection campaigns and online financial education. During the pandemic, the Commission has observed that several entities have taken advantage of the online space to spread investment scams allegedly engaged in cryptocurrency trading when, in fact, these do not exist. not.

The SEC has consistently reminded the public to be vigilant and exercise due diligence before transacting or dealing with any entity, and those based overseas without any registration or license to do business in the Philippines.

Individuals who transact with these entities have limited recourse to recover money or investments once their assets are transferred out of the country.

“This continued partnership with Google will help the Commission 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 Chairman Emilio B. Aquino.

“We believe the new policy can reduce the number of Filipinos who fall prey to unregistered online investment schemes, who typically fall victim to aggressive online advertisements and intrusive tactics that trick them into believing products that are often too good-looking. to be true.”

The SEC had entered discussions with Google in May 2019 to counter the rise of unregistered personal loan applications in the country. On May 11, 2022, Google revised its Personal Loan App Policy targeting users in the Philippines, requiring them to submit a Personal Loan App Statement and other necessary documents before they can publish apps to Google Play. Failure to provide these documents will result in the removal of the personal loan app from Google Play.

READ Google’s new policy on its website: https://support.google.com/adspolicy/answer/12055790…tity, and those based overseas without any registration or license to do business in the Philippines.

Individuals who transact with these entities have limited recourse to recover money or investments once their assets are transferred out of the country.

“This continued partnership with Google will help the Commission 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 Chairman Emilio B. Aquino.

“We believe the new policy can reduce the number of Filipinos who fall prey to unregistered online investment schemes, who typically fall victim to aggressive online advertisements and intrusive tactics that trick them into believing products that are often too good-looking. to be true.”

The SEC had entered discussions with Google in May 2019 to counter the rise of unregistered personal loan applications in the country. On May 11, 2022, Google revised its Personal Loan App Policy targeting users in the Philippines, requiring them to submit a Personal Loan App Statement and other necessary documents before they can publish apps to Google Play. Failure to provide these documents will result in the removal of the personal loan app from Google Play.

Check out Google’s new policy on its website: https://support.google.com/adspolicy/answer/12055790…

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