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The Philippines Securities and Exchange Commission (SEC) has partnered with its U.S. counterpart and the Asian Development Bank to tackle criminals utilizing cryptocurrencies for fraudulent activities and other financial offenses.
As stated in a press release on September 15, the three entities held an International Organization of Securities Commissions (IOSCO) Investigation and Enforcement Training workshop last month, aiming to enhance their collective toolkit for preventing fraud and scams associated with cryptocurrency-related crimes.
The Securities and Exchange Commission (SEC) Philippines is working alongside international organizations to advance its mission of safeguarding the public from securities fraud and various types of investment scams.
Read more at https://t.co/TzdieiKRSp#SECupdates pic.twitter.com/3ANDH9yrwC— SEC Philippines (@SEC_Philippines) September 18, 2023
The Chair of the Philippine SEC, Emilio B. Aquino, noted that the workshop’s goal was to “enhance the capability of the SEC Philippines’ enforcement staff in investigating securities-related offenses such as insider trading, market manipulation, off-market fraud, and crypto scams.”
Alongside the workshop, the Philippine SEC endorsed the IOSCO Multilateral Memorandum of Understanding concerning crypto crime. The regulator also sought the support of local legislators to strengthen its enforcement authority by developing new laws that comply with IOSCO standards.
The collaboration among these organizations signifies a significant advancement for the Philippines in regulating digital assets within the nation.
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Earlier this year, the Philippines SEC postponed the introduction of its regulatory framework for crypto assets, which was originally intended for release in late 2022.
“We haven’t closed the door. We really just have to ensure that people don’t get burned,” remarked Aquino.
Cryptocurrency remains a divisive topic in the Philippines, with the nation’s central bank and the local SEC having previously cautioned citizens against engaging with foreign crypto exchanges.
In May 2023, the Philippine SEC labeled Gemini Derivatives as an unregistered security product under national legislation.
Nevertheless, the country continues to be an appealing destination for cryptocurrencies and is still widely recognized as one of the fastest-growing economies globally, with over 11.6 million Filipinos owning digital assets, positioning it 10th worldwide in terms of crypto adoption.
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