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The Philippines Securities and Exchange Commission (SEC) is amplifying its initiatives against financial crimes associated with cryptocurrencies. In a recent strategic development, it has partnered with the United States SEC and the Asian Development Bank. This collaboration was revealed in a press release dated September 15.
A key element of this partnership was the International Organization of Securities Commissions (IOSCO) Investigation and Enforcement Training workshop held last month. This program aimed to enhance the investigative capabilities of enforcement officials regarding crypto-related violations. Emilio B. Aquino, the Chair of the Philippine SEC, stated that the primary objective of the workshop was to strengthen the skills of personnel in addressing securities-related offenses, which include insider trading, market manipulation, off-market fraud, and cryptocurrency scams.
Furthermore, the Philippine SEC has broadened its dedication to combating crypto crime. It has signed the IOSCO Multilateral Memorandum of Understanding on this matter. Additionally, to bolster its enforcement efforts, it has reached out to local lawmakers. The goal is to develop new legislation that aligns with the standards set by IOSCO.
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This partnership marks a significant advancement for the Philippines in overseeing and regulating digital assets within its jurisdiction. Earlier this year, the launch of the country’s regulatory framework for cryptocurrencies was postponed, initially slated for release in late 2022. In reference to this delay, Aquino remarked, “We haven’t closed the door. We have to make sure people don’t get burned.”
Nevertheless, the perspective on cryptocurrencies in the Philippines remains mixed. The central bank and the SEC have previously warned citizens against engaging with foreign crypto exchanges. Notably, in May 2023, the Philippine SEC classified Gemini Derivatives as an unregistered security product under its national regulations.
Despite this, the appeal of cryptocurrency in the Philippines is unmistakable. The nation has established itself as a desirable location for crypto enterprises. It features a rapidly growing economy, and with over 11.6 million Filipinos owning digital assets, it ranks 10th worldwide in crypto adoption.
In summary, while the Philippines demonstrates a strong rate of crypto adoption, it also places significant importance on protecting its citizens from potential crypto frauds and scams through international partnerships and skill-enhancing programs.
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