BlockShoals Technologies Receives SEC Notice to Proceed — First CAI Cleared for Live StratBox testing in the Philippines

We are pleased to announce that BlockShoals Technologies Inc. (“BlockShoals”) has received a Notice to Proceed from the Securities and Exchange Commission’s (SEC) PhiliFintech Innovation Office (PhiliFINNO), authorizing BlockShoals to commence the first phase of testing within the SEC Strategic Sandbox (StratBox). This follows the in-principle approval granted by the Commission En Banc in November 2025 and represents the culmination of months of intensive regulatory engagement to satisfy all conditions imposed by the SEC.

This is a landmark moment for the Philippine digital asset sector. BlockShoals is now the first crypto asset intermediary (CAI) cleared to begin live StratBox operations involving a global crypto exchange within the SEC’s controlled testing environment—moving from approval-in-principle to active, regulated testing. The StratBox, established under SEC Memorandum Circular No. 9, Series of 2024, provides the framework for qualified firms to pilot innovative financial products and services under direct SEC supervision, with the ultimate goal of broadening access to safe, transparent digital financial services for Filipinos.

Arden Consult guided BlockShoals through every stage of this first-of-its-kind engagement—from the initial StratBox application and Commission En Banc deliberation through to the satisfaction of all pre-testing conditions and the securing of the Notice to Proceed.

The close collaboration among the Commission, BlockShoals, and Arden Consult reflects what is possible when regulators and industry work together toward compliance, market integrity, and meaningful consumer protection.
The conditions attached to BlockShoals’ participation are among the most comprehensive imposed on any StratBox participant to date, reflecting both the novelty of the arrangement and the SEC’s commitment to investor protection.

As BlockShoals enters the operational phase of its StartBox journey, Arden Consult will continue to support its ongoing compliance obligations. Our role extends beyond advisory: we are committed to helping BlockShoals demonstrate that rigorous regulatory compliance and meaningful innovation can advance together.

We thank the Securities and Exchange Commission and the PhiliFintech Innovation Office for their continued leadership in shaping the Philippines’ digital asset regulatory landscape. We look forward to supporting BlockShoals as it progresses through the StratBox, and to contributing to a digital finance ecosystem that is inclusive, well-regulated, and built on trust.

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