Crypto content material creators within the Philippines could have to reassess their previous social media posts following the finalization of the Securities and Trade Fee’s (SEC) guidelines on Crypto Asset Service Suppliers (CASPs).
In response to Atty. Rafael Padilla, the creator of the guide “Crypto and the Legislation,” even beforehand printed content material could also be in violation if it stays accessible and falls below the brand new guidelines’ scope.
He mentioned it throughout the June 11, 2025, version of the BitPinas Webcast entitled “SEC Ultimate Crypto Guidelines: What #CryptoPH Must Know.”
Outdated Posts Nonetheless Violate the CASP Guidelines
Padilla defined that whereas the principles are usually not technically retroactive, undeleted posts, particularly those who seem to advertise unregistered crypto platforms or property, should still be thought of persevering with violations.
“The actual fact is the content material is there, and also you didn’t take it down. So, it nonetheless exists… Assuming that it falls throughout the scope, sure, kahit pa dati pa iyong content material na iyon whether it is nonetheless up there, it continues… that may nonetheless represent a violation of the principles.”
Atty. Rafael Padilla
[Translation: The fact is, the content is there, and you did not take it down. So, it still exists… Assuming that it falls within the scope, yes—even if that content was from before, if it’s still up there, it continues… that will still constitute a violation of the rules.]
The crypto lawyer famous that content material printed previous to the implementation of the SEC’s new guidelines may nonetheless be topic to regulatory scrutiny if it stays publicly accessible by the point the principles take impact in July.
“I’m not saying all content material creators ought to take away their content material. In-assume natin that it falls throughout the protection, and I’ve been discussing how vital the protection is as a result of ito iyong iko-consider natin sa resolution natin. Amongst many issues, magre-register ba tayo, magpapalista ba tayo or i-take take down ba natin? So, all of it boils right down to that protection, however simply to reply that query, we assume that in that state of affairs, it’s lined. And as I’ve stated, kahit pa dati pa pinost yun, it’s a must to take it down. Or else, it’s going to represent persevering with violation.”
Atty. Rafael Padilla
[Translation: I am not saying that all content creators should remove their content—we are just assuming that it falls within the coverage. And I have been discussing how important that coverage is because it is what we need to consider in making our decisions. Among many things—should we register, should we get listed, or should we take it down? So, it all boils down to that coverage. But just to answer that question, if we assume that it’s covered, then as I’ve said, even if it was posted a long time ago, you have to take it down. Otherwise, it will constitute a continuing violation.]
Furthermore, Padilla emphasised the significance of understanding the “protection” of the principles, what qualifies as advertising, solicitation, or promotional exercise, including that this consists of livestreams and “instructional” content material that will nonetheless be thought of advertising if it promotes crypto services or products.
Does CASP Prohibit Freedom of Expression?
A key concern is the potential chilling impact on instructional crypto content material.
Padilla acknowledged that the brand new guidelines could push creators to maneuver discussions into non-public areas like Discord to keep away from public scrutiny. It’s as a result of the SEC’s new crypto laws may discourage open dialogue if interpreted too broadly.
The crypto lawyer famous that with out a clear and restricted definition of “crypto asset” and a properly outlined scope, the principles could pose potential threats to freedom of expression. He emphasised that a very expansive utility of the laws may infringe on constitutionally protected speech.
For the principles to face up to constitutional scrutiny, Padilla argued that the definition of “crypto asset” should be “narrowly interpreted”—particularly, solely property which might be thought of securities ought to fall below regulatory scope. In any other case, there’s a actual hazard that even non-promotional or instructional content material could possibly be unjustly penalized.
The crypto lawyer additionally emphasised that the SEC will not be a legislative physique, and but, its guidelines, crafted by unelected regulators, may find yourself limiting the general public’s proper to talk freely about crypto. Such overreach may set a harmful precedent, he stated, and should be addressed by a extra exact interpretation of each the property and the actions lined by the principles.
The SEC CASP Guidelines
Launched on Might 30, 2025, the Philippine SEC’s final rules for CASPs, outlined in Memorandum Circulars No. 4 and 5 (Sequence of 2025), require all CASPs to register as inventory firms, safe a particular license, keep a bodily workplace, and adjust to strict disclosure and advertising pointers.
Advertising by influencers, occasions, or social media is tightly regulated, and violations can result in hefty fines or license revocation. CASPs should additionally observe anti-money laundering legal guidelines and guarantee crypto property that qualify as securities meet investor safety requirements.
In response to rising inquiries from the local people in regards to the finalized guidelines, BitPinas hosted a sequence of webcasts to debate and make clear the brand new pointers.
Different BitPinas articles in regards to the SEC CASP Guidelines:
Latest Native Information on Crypto
Not too long ago, web3 entrepreneur Emmanuel Lorenzo Bonuan developed a customized ChatGPT mannequin known as “Authorized Counsel for Web3 within the Philippines” to assist Filipinos perceive the SEC remaining guidelines for crypto-asset service suppliers.
Skilled on SEC Memorandum Circulars 4 and 5 and articles, together with these from BitPinas, the instrument goals to translate complicated authorized language into plain English, providing fast, localized solutions about compliance necessities.
In the meantime, public coverage group Infrawatch PH is as soon as once more urging the Fee to accentuate its enforcement efforts in opposition to unlicensed crypto exchanges working within the Philippines, warning that these platforms proceed to pose critical dangers to buyers.
This text is printed on BitPinas: Need Na Ba Mag-Delete? Why Old Crypto Posts Could Still Violate CASP Rules, Says Atty. Padilla
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