The Securities and Exchange Commission (SEC) has promulgated guidelines governing the use of its blockchain-based document signing and verification platform, known as the Verification of Electronic Records and Information Trust and Authentication System (VERITAS).
Under SEC Memorandum Circular No. 23, Series of 2026, signed by SEC Chairperson Francisco Ed. Lim on July 27, 2026, the platform enables corporate representatives to digitally sign and verify SEC-related filings on a decentralized ledger.
Platform Scope and Operational Framework
VERITAS is accessible through the SEC Check mobile application and operates in conjunction with the Electronic SEC Universal Registration Environment (eSECURE) digital identity system.
The circular applies to credentialed eSECURE account holders, including incorporators, directors, corporate officers, and authorized representatives submitting corporate documents such as Articles of Incorporation, By-Laws, and Certificates of Authentication.
According to the SEC, the system records signing events on a blockchain using public-key cryptography and cryptographic hashing to create permanent audit trails and prevent document alteration.
Security Protocols and User Requirements
The circular stipulates that only digital signing certificates generated on-chain by VERITAS may be used within the platform, prohibiting the use of externally issued commercial certificates.
Once all authorized signatories execute a document, the SEC appends a Department of Information and Communications Technology (DICT)-issued Philippine National Public Key Infrastructure (PNPKI) Agency Certificate seal and a Quick Response (QR) code, subsequently storing all version hashes on the blockchain.
The commission noted that users are solely responsible for securing and backing up their private keys, as the SEC does not store private keys or recover lost credentials.
Legal Effect and Implementation
Pursuant to Republic Act No. 8792, or the Electronic Commerce Act, documents signed through VERITAS hold the same legal force and enforceability as signed and notarized physical documents.
The submission of physical hard copies is no longer required for VERITAS-signed submissions, except where physical copies are explicitly mandated by existing statutory requirements or SEC regulations.
Use of the VERITAS platform is currently optional and provided free of charge, though the commission reserved the right to institute fees in the future to cover infrastructure costs.
The SEC added that existing PNPKI-based authentication via the Electronic Submission Authentication Portal (eSAP) remains operational, but the commission may mandate VERITAS for specific entities or filings following public consultations.
This article is published on BitPinas: SEC Issues VERITAS Guidelines for Blockchain-Based Corporate Filings
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