The Philippines Securities and Exchange Commission (SEC) has teamed up with the United States SEC and the Asian Development Bank to crack down on cryptocurrency-related financial crimes in the country.
According to a press release on September 15, the three institutions held an International Organization of Securities Commissions (IOSCO) training workshop last month focused on honing their investigative and enforcement capabilities regarding crypto fraud and scams.
Philippine SEC Chair Emilio B. Aquino stated 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 IOSCO’s Multilateral Memorandum of Understanding on cooperating against crypto crime. The regulator has also urged local lawmakers to empower its enforcement abilities by enacting laws aligned with IOSCO standards.
This alliance marks a step forward for Philippine oversight of digital assets. Earlier in 2022, the SEC delayed releasing its regulatory framework for crypto, originally scheduled for late last year.
“We haven’t closed the door. We really just have to make sure people don’t get burned,” remarked Aquino.
Crypto remains controversial in the Philippines, with past discouragement of citizens from using foreign exchanges. However, the country still has substantial adoption, with over 11.6 million Filipinos owning digital assets.
The collaboration demonstrates the SEC’s commitment to balanced crypto regulation amidst the asset class’s ongoing mainstream growth.
