Philippines Securities and Exchange Commission Partners with US Counterpart to Tackle Cryptocurrency Fraud

Philippines SEC Collaborates With US Counterpart and Asian Development Bank to Crack Down on Crypto Crimes

The Philippines Securities and Exchange Commission (SEC) has joined forces with its United States counterpart and the Asian Development Bank to combat criminals who exploit cryptocurrencies for fraud and other financial crimes. Last month, the three institutions conducted an International Organization of Securities Commissions (IOSCO) Investigation and Enforcement Training workshop to enhance their capabilities in preventing fraud and scams related to cryptocurrencies [source].

The workshop aimed to strengthen the SEC Philippines’ enforcement personnel in conducting investigations on securities-related crimes, including insider trading, market manipulation, off-market fraud, and crypto scams. Philippine SEC Chair Emilio B. Aquino expressed the goal of the workshop, stating, “We want to strengthen the capability of the SEC Philippines in conducting investigations on securities-related crimes like insider trading, market manipulation, off-market fraud, and crypto scams” [source].

In addition to the workshop, the Philippine SEC has signed the IOSCO Multilateral Memorandum of Understanding on crypto crimes. The regulator also looks to local lawmakers to develop new laws that adhere to the standards set by IOSCO, further strengthening its enforcement powers [source].

This collaboration between the three organizations represents a significant step forward for the Philippines in terms of overseeing digital assets within the country [source].

Crypto regulation remains a contentious issue in the Philippines. The central bank and the local SEC have previously urged citizens not to engage in any operations with foreign crypto exchanges. In May 2023, the Philippine SEC classified Gemini Derivatives as an unregistered security product under national law [source].

However, despite these challenges, the Philippines continues to be an attractive destination for cryptocurrencies. It is considered one of the fastest-growing economies in the world, with over 11.6 million Filipinos owning digital assets, placing it among the top 10 countries in terms of crypto adoption [source].

Disclaimer: This article is for informational purposes only. The information provided in this article does not constitute investment advice, financial advice, or any other kind of advice. It is strongly recommended that you consult with a professional before making any investment decisions.

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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