The Philippines SEC joins the global campaign against cryptocurrency crimes in collaboration with US regulators and the Asian Development Bank. Learn about the latest developments in cryptocurrency regulation.
In a proactive move to combat financial crimes and fraud involving cryptocurrencies, a strong alliance has formed between the Philippines Securities and Exchange Commission (SEC), its U.S. counterpart, and the Asian Development Bank. The aim is to tackle crimes associated with digital currencies and electronic fraud.
In a press release dated September 15, it was revealed that the three entities conducted a workshop to train and enhance their investigative and enforcement skills regarding fraudulent activities and scams related to cryptocurrencies. This workshop took place last month under the supervision of the International Organization of Securities Commissions (IOSCO).
Emilio B. Aquino, the Chairman of the Philippines SEC, stated that the objective of this workshop is to strengthen the investigative capabilities of the Philippine SEC’s enforcement personnel when it comes to securities-related crimes, such as insider trading, market manipulation, off-market fraud, and cryptocurrency scams.
In addition to the workshop, the Philippines SEC signed a Multilateral Memorandum of Understanding with IOSCO regarding cryptocurrency-related crimes. The commission also engaged with local lawmakers to bolster its regulatory powers by crafting new laws that align with IOSCO standards.
This regulatory partnership represents a positive step towards enhancing oversight of digital assets in the Philippines.
Earlier this year, the Philippines SEC postponed the release of its regulatory framework for cryptocurrency assets, which was initially slated for late 2022.
Emilio B. Aquino remarked, “We haven’t closed the door. We really just have to make sure people don’t get burned.”
Cryptocurrency remains a contentious issue in the Philippines, with the country’s central bank and local SEC previously urging citizens not to engage in any transactions on foreign cryptocurrency exchanges.
In May 2023, the Philippines SEC categorized Gemini Derivatives as an unregistered security product under national law.
Nevertheless, the Philippines continues to be an attractive destination for cryptocurrency, being widely regarded as one of the world’s fastest-growing economies, with over 11.6 million Filipinos owning digital assets, ranking it tenth worldwide in cryptocurrency adoption.