The Philippine Securities and Exchange Commission (SEC) is partnering with the U.S. Securities and Exchange Commission and the Asian Development Bank to combat criminals who use cryptocurrencies to commit fraud and other financial crimes.
According to media reports on September 15 releaseLast month, the three agencies held an International Organization of Securities Commissions (IOSCO) Investigations and Enforcement Training Workshop aimed at improving the skills of their combined fraud and fraud prevention toolkits when it comes to cryptocurrency-related crimes.
The Philippine Securities and Exchange Commission (SEC) partners with international organizations to further its mission of protecting the public from securities fraud and other forms of investment fraud.
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Philippine SEC Chairman Emilio B. Aquino said the seminar aimed to “strengthen the ability of Philippine SEC law enforcement officers to investigate securities-related crimes such as insider trading, market manipulation, over-the-counter fraud and cryptocurrency fraud.”
In addition to the workshop, the Philippine Securities and Exchange Commission also signed the International Organization of Securities Commission’s Multilateral Memorandum of Understanding on Cryptocurrency Crime. The regulator also wants local lawmakers to enact new laws that comply with standards set by IOSCO to strengthen its enforcement powers.
The alliance between these organizations marks a step forward in the Philippines’ efforts to regulate digital assets in the country.
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Earlier this year, the Philippine SEC delayed the release of its crypto-asset regulatory framework, which was originally scheduled for release by the end of 2022.
“We’re not closing yet. We really just need to make sure people don’t get burned,” Aquino said.
Cryptocurrencies remain a contentious issue in the Philippines, with the country’s central bank and the local Securities and Exchange Commission previously urging its citizens not to engage in the business of any foreign cryptocurrency exchanges.
In May 2023, the Philippines SEC called Gemini Derivatives an unregistered safety product under national law.
Despite this, the country remains an attractive destination for cryptocurrencies and is still widely regarded as one of the fastest-growing economies in the world, with more than 11.6 million Filipinos owning digital assets, in terms of cryptocurrency adoption. , the country ranks tenth globally.
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