The Securities and Exchange Commission (SEC) is set to adopt blockchain technology to enhance the transparency and integrity of corporate filings in the country.
On October 22, the Commission released for public comment its draft memorandum circular on the Blockchain-Based Digital Signing and Authentication of SEC Documents using the Verification of Electronic Records and Information Trust and Authentication System* (VERITAS).
VERITAS is a blockchain-powered platform that will allow corporations and stakeholders to securely sign and authenticate documents through public-key cryptography. Each signing event will be recorded on a decentralized ledger, ensuring that data is immutable, time-stamped, and cryptographically verifiable.
“By integrating blockchain-based digital signing and authentication into our processes, we aim to strengthen the integrity and reliability of reports and documents submitted to the Commission by making them immutable and permanent,” said SEC Chairperson Francis Lim.
The system will be incorporated into the SEC’s Electronic SEC Universal Registration Environment (eSECURE) and Electronic Submission Authentication Portal (eSAP), transitioning from one-time passwords to multi-factor authentication and cryptographic signing mechanisms.
Under the proposal, only users who complete the eSECURE credentialing process—including identity verification and liveness detection—can access VERITAS. The platform will also be available through the SEC Check App for mobile use.
Once launched, VERITAS will be available to incorporators, directors, officers, authorized representatives, and other corporate filers, covering all types of SEC-registered entities. Digitally signed documents through VERITAS will carry the same legal validity as notarized paper documents under the Electronic Commerce Act of 2000.
The SEC will initially make the use of VERITAS optional, with possible mandatory adoption in future phases.
Public comments on the draft circular will be accepted until October 31 via email at ictdod@sec.gov.ph.
