Author: Tom Mitchelhill, Cointelegraph; Translation: Song Xue, LianGuai
The Securities and Exchange Commission (SEC) of the Philippines, in collaboration with the U.S. Securities and Exchange Commission and the Asian Development Bank, is cracking down on criminals who use cryptocurrencies to commit fraud and other financial crimes.
According to a press release on September 15, these three organizations held an International Organization of Securities Commissions (IOSCO) investigation and enforcement training seminar last month, aimed at enhancing their toolkit for combating fraud and scams involving cryptocurrencies.
Emilio B. Aquino, Chairman of the Philippine SEC, stated that the seminar aimed to “strengthen the ability of Philippine SEC enforcement personnel to investigate securities-related crimes such as insider trading, market manipulation, off-exchange fraud, and cryptocurrency scams.”
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In addition to the seminar, the Securities and Exchange Commission of the Philippines also signed a multilateral memorandum of understanding on cryptocurrency crime with the International Organization of Securities Commissions. The regulatory agency also hopes that local lawmakers will enact new laws in line with IOSCO standards to enhance its enforcement powers.
This alliance between these organizations marks a step forward for the Philippines in terms of regulating digital assets in the country.
Press release from the U.S. Securities and Exchange Commission regarding the new multilateral partnership. Source: U.S. Securities and Exchange Commission
Earlier this year, the Philippine SEC postponed the release of its cryptocurrency asset regulation framework, which was originally scheduled to be released by the end of 2022.
“We’re not closing the door yet. We just really need to make sure that people are not harmed,” said Aquino.
Cryptocurrencies remain a controversial issue in the Philippines, with the central bank and the local securities commission previously urging its citizens not to engage in any business with foreign cryptocurrency exchanges.
In May 2023, the Philippine SEC deemed Gemini Derivatives as an unregistered security product under national law.
Nevertheless, the country remains an attractive destination for cryptocurrencies and is still widely regarded as one of the fastest-growing economies in the world, with over 11.6 million Filipinos owning digital assets and ranking tenth globally in terms of cryptocurrency adoption.
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