Philippine and US SEC Join Forces with Asian Development Bank to Fight Crypto Crimes
Summary:
The Philippine Securities and Exchange Commission (SEC) is collaborating with its U.S. equivalent and the Asian Development Bank to combat cryptocurrency-related fraud and financial crimes. They have held a training seminar to boost their abilities in tackling such issues and endorsed the IOSCO Multilateral Memorandum of Understanding on crypto crime. Despite previous warnings against transactions with foreign crypto exchanges, the country is a key destination for crypto, with over 11.6 million Filipinos owning digital assets, ranking 10th globally in terms of crypto adoption.
The Philippine Securities and Exchange Commission (SEC) is partnering with the United States SEC and the Asian Development Bank in a joint effort to combat fraudulent activities and financial crimes involving cryptocurrencies. On September 15, a press statement announced that the three bodies held an International Organization of Securities Commissions (IOSCO) Investigation and Enforcement Training seminar last month to enhance their capabilities in responding to criminal activity related to digital currencies.
Emilio B. Aquino, Chairperson of the Philippine SEC, shed light on the aim of the workshop, explaining that it was designed to bolster the skills of the SEC enforcement team in unravelling securities-related fraudulent activities, including insider trading, market manipulation, unofficial market swindles, and crypto fraud. Besides the training seminar, the Philippine SEC also endorsed the IOSCO Multilateral Memorandum of Understanding on crypto crime and sought to collaborate with local legislators to develop laws pursuant to IOSCO's standards to strengthen its authority in enforcement.
The collaboration signifies a progression in the Philippines’ regulation of digital currencies. While the SEC is yet to release its structured guidelines for digital assets that were initially projected to be published in late 2022, it reiterates its commitment to ensuring the safety of the people from potential financial hazards in regard to crypto. The country's central bank and SEC previously advised citizens against participating in transactions with international crypto exchanges, constituting it as a debatable matter in the country.
In May 2023, the SEC noted Gemini Derivatives as an unregistered security product under national regulations. Nonetheless, the Philippines presents an appealing prospect for cryptocurrency and is deemed as one of the rapidly growing economies globally. Over 11.6 million Filipinos possess digital assets, making it 10th globally in terms of crypto adoption.
Published At
9/20/2023 12:00:49 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.