The US SEC to work with its counterpart in the Philippines on cryptocurrency fraud

The US SEC to work with its counterpart in the Philippines on cryptocurrency fraud

The US SEC has roped in a fellow financial watchdog to support its efforts

The Philippines Securities and Exchange Commission (SEC) has joined forces with its US counterpart and the Asian Development Bank to fight criminals who commit financial crimes, including cryptocurrency fraud. A recent press release revealed that the three agencies held an International Organization of Securities Commissions (IOSCO) Investigation and Enforcement Training workshop in August to improve their combined fraud and scam prevention toolkit relating to crypto crimes.

The chairman of the Philippines SEC, Emilio Aquino, said the workshop sought 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.”

The Philippine SEC also signed the IOSCO Multilateral Memorandum of Understanding on crypto crime and is looking to local lawmakers to boost their enforcement authority by drafting new laws that adhere to IOSCO standards. The new alliance marks progress for the Philippines regarding oversight of the country’s digital assets.

Earlier this year, the Philippines SEC delayed releasing the regulatory framework for crypto assets that was set for a late 2022 release. “We haven’t closed the door. We really just have to make sure people don’t get burned,” says Aquino.

The Philippines largely sees cryptocurrency as a controversial issue, with the country’s SEC and central bank previously advising citizens not to engage in business with any foreign crypto exchange. The securities watchdog also declared Gemini Derivatives an unregistered security under national law in May 2023.

The Philippines is viewed as one of the world’s fastest-growing economies and remains a popular destination for crypto, with over 11.6 million Filipinos currently holding digital assets, ranking it 10th in the world in crypto adoption.

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