SEC Rejects Automatic Approval for Sandbox Participants in PH
The Securities and Exchange Commission (SEC) in the Philippines has clarified that participating in the country's sandbox program does not guarantee approval for Binance's partner, BitRss. The clarification comes after an article was published stating that participation in the sandbox program would lead to automatic approval.
In a statement, the SEC emphasized that entry into the sandbox program is just one aspect of the evaluation process for digital asset service providers (DASPs) seeking registration with the agency.
The SEC's clarification highlights the importance of thorough evaluation and due diligence in the registration process for DASPs. The agency aims to ensure that only qualified and compliant applicants are granted registration, regardless of their participation in the sandbox program.