The Philippines Securities and Exchange Commission (SEC) has established a collaborative effort with the United States SEC and the Asian Development Bank to combat cryptocurrency-related criminal activities. They conducted an International Organization of Securities Commissions (IOSCO) Investigation and Enforcement Training Workshop to enhance their collective capabilities in preventing fraud and scams associated with cryptocurrencies.
Philippine SEC Collaborates with US SEC and Asian Development Bank to Combat Crypto-Related Crime
The Philippine Securities and Exchange Commission (SEC) has initiated a strategic partnership with the United States Securities and Exchange Commission (SEC) and the Asian Development Bank to collectively combat criminal activities involving cryptocurrencies. In a press release dated September 15, the three institutions revealed that they conducted an Investigation and Enforcement Training workshop under the International Organization of Securities Commissions (IOSCO) last month. The primary objective of this collaboration is to enhance their combined capabilities in preventing fraud, scams, and other illicit activities associated with cryptocurrencies.
Emilio B. Aquino, Chair of the Philippine SEC, emphasized that the workshop aimed to "strengthen the capability of the SEC Philippines' enforcement personnel in conducting investigations on securities-related crimes like insider trading, market manipulation, off-market fraud, and crypto scams."
In addition to the workshop, the Philippine SEC signed the IOSCO Multilateral Memorandum of Understanding concerning crypto-related crimes. Furthermore, the regulator is seeking to work with local lawmakers to enhance its enforcement powers by formulating new legislation that aligns with the standards set by IOSCO.
This alliance among the organizations signifies a significant step forward for the Philippines in terms of digital asset oversight and combating crypto-related crimes.
It's worth noting that earlier this year, the Philippine SEC postponed the release of its regulatory framework for crypto assets, which had initially been scheduled for late 2022. Emilio B. Aquino stated, "We haven't closed the door. We really just have to make sure people don't get burned."
The status of cryptocurrencies remains a contentious issue in the Philippines, with both the country's central bank and the local SEC advising citizens against engaging in activities involving foreign cryptocurrency exchanges. In May 2023, the Philippine SEC classified Gemini Derivatives as an unregistered security product under national law.
Despite these challenges, the Philippines remains an attractive destination for cryptocurrency activities and is considered one of the world's fastest-growing economies. With over 11.6 million Filipinos owning digital assets, the country ranks 10th worldwide in terms of cryptocurrency adoption.
(TOM MITCHELHILL, CoinTelegraph, 2023)