The Philippines Securities and Exchange Commission (SEC) is collaborating with the United States and the Asian Development Bank to combat crypto-related crimes and enhance its capabilities and tools for preventing fraud and scams in the crypto industry. In August, an International Organization of Securities Commissions (IOSCO) Investigation and Enforcement Training workshop was conducted to improve the Philippines SEC’s ability to investigate securities-related wrongdoing, including crypto scams.
The workshop aimed to strengthen the SEC’s enforcement personnel and equip them with the knowledge and tools to effectively combat and investigate these growing financial crimes.
In addition to the training workshop, the Philippines SEC ratified the IOSCO Multilateral Memorandum of Understanding on crypto crime and is advocating for stronger enforcement laws in alignment with IOSCO standards. This demonstrates the country’s commitment to tightening regulations around digital assets and combating illicit activities involving cryptocurrencies.
The Philippines has faced challenges in regulating crypto assets, with delays in the release of its planned regulatory framework for cryptocurrencies, originally scheduled for 2022 and postponed to 2023. The central bank and SEC have consistently warned citizens about the risks associated with foreign crypto exchanges and labeled certain crypto products operating outside national laws.
Despite regulatory challenges, the Philippines ranks among the top countries for crypto adoption, with a significant number of citizens owning digital assets. The country’s rapid economic growth and its significant crypto user base present a delicate balance between fostering economic growth and implementing robust oversight in the crypto space.
The collaboration between the U.S., Philippines, and the Asian Development Bank signals a concerted effort to combat crypto-related crimes, but the Philippines faces the complex task of regulating cryptocurrencies while harnessing their economic potential. The coming months will be critical in shaping the nation’s approach to digital assets.
By FCCT Editorial Team
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