Philippines SEC teams up with US counterpart to combat crypto fraud

The Philippines Securities and Exchange Commission (SEC) has teamed up with its United States counterpart, arsenic good arsenic the Asian Development Bank to ace down connected criminals utilizing cryptocurrencies to perpetrate fraud and different fiscal crimes.

According to a Sept. 15 property release, the 3 institutions conducted an International Organization of Securities Commissions (IOSCO) Investigation and Enforcement Training store past month, successful a bid to upskill their combined fraud and scam prevention toolkit erstwhile it came to crypto-related crimes.

Philippine SEC Chair, Emilio B. Aquino said the store aimed to “strengthen the capableness of the SEC Philippines’ enforcement unit successful conducting investigations connected securities-related crimes similar insider trading, marketplace manipulation, off-market fraud and crypto scams.”

In summation to the workshop, the Philippine SEC signed the IOSCO Multilateral Memorandum of Understanding connected crypto crime. The regulator besides looked to section lawmakers to bolster its enforcement powers by crafting caller laws that adhere to the standards acceptable by IOSCO.

The confederation betwixt the organizations marks a measurement guardant for the Philippines erstwhile it comes to the oversight of integer assets successful the country.

The SEC property merchandise connected the caller multilateral partnership. Source: SEC

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Earlier this year, the Philippines SEC delayed the merchandise of its regulatory framework for crypto assets, which was initially slated for merchandise successful late-2022.

“We haven’t closed the door. We truly conscionable person to marque definite radical don’t get burned,” said Aquino.

Crypto remains a contentious contented successful the Philippines, with the country’s cardinal slope and the section SEC antecedently urging its citizens not to engage successful immoderate operations overseas crypto exchanges.

In May 2023, the Philippine SEC called Gemini Derivatives an unregistered information product nether nationalist law.

Despite this, the state remains an charismatic destination for crypto and is inactive wide regarded arsenic 1 of the fastest-growing economies successful the world, with implicit 11.6 cardinal Filipinos owning integer assets, placing it successful 10th spot worldwide erstwhile it comes to crypto adoption.

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