Securities and Exchange Commission and the Asian Development Bank to combat criminals exploiting cryptocurrencies for fraudulent activities and other financial crimes.
In a press release dated September 15, the three agencies disclosed that they conducted an International Organization of Securities Commissions (IOSCO) Investigations and Enforcement Training Workshop in August. The primary objective was to enhance their collective tools and capabilities for preventing frauds and scams involving cryptocurrencies .
Emilio Aquino, Chairman of the Philippine SEC, stated that the workshop aimed to empower Philippine SEC law enforcement officers in investigating securities-related crimes, including insider trading, market manipulation, over-the-counter fraud, and cryptocurrency-related fraud.
Additionally, the Philippine Securities and Exchange Commission signed the International Organization of Securities Commission's Multilateral Memorandum of Understanding on Cryptocurrency Crime. The regulator is also urging local lawmakers to establish new legislation aligned with IOSCO standards to bolster its enforcement authority. In early 2023, the Philippine SEC postponed the release of its regulatory framework for crypto assets, originally slated for late 2022.
Aquino emphasized that their intent is not to shut down the cryptocurrency sector but rather to ensure that people are protected from potential harm. The regulatory landscape surrounding cryptocurrencies in the Philippines has been a contentious issue. The central bank and the local Securities and Exchange Commission have previously cautioned citizens against participating in foreign cryptocurrency exchanges.
In May 2023, the Philippines SEC classified Gemini Derivatives as an unregistered security product under national law. Nevertheless, the Philippines remains an attractive hub for cryptocurrencies and is recognized as one of the world's fastest-growing economies, with over 11.6 million Filipinos owning digital assets , ranking the country tenth globally in terms of cryptocurrency adoption.
