The SEC of the Philippines and the U.S. have joined forces to fight crypto fraud
To further tackle crypto-related criminality, the Philippine SEC is currently working with the U.S. SEC and the Asian Development Bank.
The Securities and Exchange Commission (SEC) of the Philippines has joined forces with its American equivalent and the Asian Development Bank to combat fraud and other financial crimes committed using cryptocurrency.
A press release from September 15 states that in an effort to better combat fraud and scams involving cryptocurrencies, the three organizations participated in an International Organization of Securities Commissions (IOSCO) Investigation and Enforcement Training workshop last month.
The head of the Philippine Securities and Exchange Commission, Emilio B. Aquino, claimed that the workshop’s purpose was to “strengthen the capability of the SEC Philippines’ law enforcement officers to carry out investigations on security-related activities like insider trading, market manipulation, off-market fraud, and crypto scams.”
The Philippines’ SEC also joined the IOSCO in signing a multilateral MOU on crypto crime, in addition to attending the workshop. Local legislators were also enlisted to help the regulator strengthen its enforcement capabilities by passing new legislation in line with IOSCO’s guidelines.
The collaboration between the groups is an important development in the Philippines’ efforts to regulate digital assets.
The Securities and Exchange Commission of the Philippines postponed earlier this year the rollout of its crypto asset regulatory framework, which had been scheduled for late 2022.
The Philippines’ central bank and local SEC have already urged individuals not to participate in any activities on overseas crypto exchanges, highlighting the continued sensitivity of the topic.
In May 2023, the Philippines’ Securities and Exchange Commission ruled that Gemini Derivatives constituted an unregistered security.
Although the Philippines is widely acknowledged as having one of the fastest-growing economies in the world, the nation ranks just 10th in terms of crypto adoption, with over 11.6 million Filipinos currently possessing digital assets.