The Philippines Securities and Exchange Commission (SEC) is intensifying its efforts against crypto-based financial crimes. In a recent strategic move, it has collaborated with the United States SEC and the Asian Development Bank. The partnership was announced in a press release on September 15.
A major component of this collaboration was the International Organization of Securities Commissions (IOSCO) Investigation and Enforcement Training workshop conducted last month. This initiative focused on enhancing the investigative prowess of the enforcement personnel concerning crypto-related offenses. Emilio B. Aquino, the Philippine SEC Chair, expressed that the workshop’s main aim was to fortify the skills of the personnel in handling securities-related crimes. These range from insider trading and manipulation to off-market fraud and crypto scams.
Moreover, the Philippine SEC has expanded its commitment to countering crypto crime. It signed the IOSCO Multilateral Memorandum of Understanding on this subject. Additionally, to fortify its enforcement stance, it has contacted local legislators. The aim is to craft new laws that align with the standards prescribed by IOSCO.
This collaboration is a significant stride for the Philippines in monitoring and regulating digital assets within its jurisdiction. Earlier this year, there was a delay in unveiling the country’s regulatory framework for cryptocurrencies. It was originally scheduled for release in late 2022. Commenting on this, Aquino mentioned, “We haven’t closed the door. We have to make sure people don’t get burned.”
However, the stance on cryptocurrencies in the Philippines remains ambivalent. The central bank and the SEC have previously cautioned citizens against associating with foreign crypto exchanges. Notably, in May 2023, the Philippine SEC identified Gemini Derivatives as an unregistered security product under its national regulations.
Yet, the allure of crypto in the Philippines is undeniable. The country has solidified its position as a sought-after destination for crypto ventures. It boasts a rapidly expanding economy, and with over 11.6 million Filipinos owning digital assets, it stands 10th globally in crypto adoption.
In conclusion, while the Philippines showcases a robust crypto adoption rate, it is also places a strong emphasis on safeguarding its citizens from potential crypto frauds and scams through international collaborations and skill-enhancing initiatives.
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