The Philippines Securities and Exchange Commission (SEC) has joined forces with its United States counterpart and the Asian Development Bank to tackle crypto fraud and other financial crimes. To enhance their capabilities in dealing with cryptocurrency-related crimes, the institutions conducted an Investigation and Enforcement Training workshop under the International Organization of Securities Commissions (IOSCO) in August.
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, as stated by SEC Philippines Chair Emilio Aquino.
In addition to the workshop, the Philippine SEC has signed the IOSCO Multilateral Memorandum of Understanding on crypto crime and is seeking to enhance its enforcement powers by enacting new laws that adhere to IOSCO’s standards.
This collaboration marks a significant step forward for the regulation of digital assets in the Philippines. Although the country previously delayed the release of its regulatory framework for crypto assets, it remains an attractive destination for crypto enthusiasts. It is important for individuals to exercise caution, as the country’s central bank and SEC have warned against engaging in operations with foreign crypto exchanges.
Despite the regulatory challenges, the Philippines continues to experience rapid growth in the adoption of digital assets. With over 11.6 million Filipinos owning digital assets, the country ranks 10th globally in terms of crypto adoption.