The Philippine Securities and Exchange Commission has published an exposure draft memorandum circular proposing a framework for blockchain-based digital signing and authentication of documents submitted to the SEC through its Verification of Electronic Records and Information Trust and Authentication System (VERITAS), and is seeking stakeholder feedback. The draft would embed VERITAS into the SEC’s existing digital identity and submission tools so that digitally signed and authenticated filings can be treated as duly signed and authenticated for SEC transactions, with the digital version serving as the official record. The proposals would apply to all credentialed Electronic SEC Universal Registration Environment (eSECURE) users and cover corporations, partnerships, other SEC-registered juridical entities, and relevant SEC offices and personnel. VERITAS would be accessed via the SEC Check App and would require an active credentialed eSECURE account supported by an electronic know-your-customer process (including government-issued identification and liveness detection). Documents would be hashed and signed using the user’s private key, with signing events recorded on a blockchain ledger and an immutable audit trail (including signer identity, date and time, IP address, and transaction number); authenticated documents would carry a DICT-issued Philippine National Public Key Infrastructure (PNPKI) agency certificate seal and a QR code. The draft lists eligible documents including articles of incorporation and by-laws, general information sheets, board resolutions, petitions, and financial statements, and provides for verification through VERITAS or the Electronic Submission Authentication Portal (eSAP), along with grounds for failed validation. It also sets out user security responsibilities, administrative sanctions for tampering or misuse (including suspension of eSECURE access and potential referrals to other agencies), an initially free-of-charge model with a reservation of future fees, and 24/7 availability subject to maintenance and service limitations. Written comments are due by 31 October 2025. The draft contemplates an initial optional phase in which existing PNPKI-based authentication via eSAP remains available, while preserving the SEC’s ability to make VERITAS mandatory for specific filings or entities through a future issuance; effectivity is tied to completion of publication in a newspaper of general circulation in the Philippines.
Philippine Securities and Exchange Commission 2025-10-22
Philippine Securities and Exchange Commission launches consultation on SEC VERITAS blockchain-based digital signing and authentication for SEC documents
The Philippine SEC has issued a draft memorandum proposing a framework for blockchain-based digital signing and authentication via its VERITAS system. This would integrate with digital identity tools, allowing digitally signed documents as official SEC records. The draft details user security responsibilities, potential misuse sanctions, and an initially free model, with future fees planned.