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, as well as the Asian Development Bank to crack down on criminals using cryptocurrencies to commit fraud and other financial crimes.
According to a Sept. 15 press release, the three institutions conducted an International Organization of Securities Commissions (IOSCO) Investigation and Enforcement Training workshop last month, in a bid to upskill their combined fraud and scam prevention toolkit when it came to crypto-related crimes.
The Securities and Exchange Commission (SEC) Philippines collaborating with international organizations to further its mandate of protecting the public from securities fraud and other forms of investment scams.
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Philippine SEC Chair, Emilio B. Aquino said 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 the IOSCO Multilateral Memorandum of Understanding on crypto crime. The regulator also looked to local lawmakers to bolster its enforcement powers by crafting new laws that adhere to the standards set by IOSCO.
The alliance between the organizations marks a step forward for the Philippines when it comes to the oversight of digital assets in the country.
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Earlier this year, the Philippines SEC delayed the release of its regulatory framework for crypto assets, which was initially slated for release in
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