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The United States Securities and Exchange Commission (SEC) and the Asian Development Bank (ADB) have joined forces with the Securities and Exchange Commission (SEC) of the Philippines to increase their joint efforts to combat criminals who use cryptocurrencies as a tool for fraud and other financial crimes.
The three organizations recently collaborated to host an International Organization of Securities Commissions (IOSCO) Investigation and Enforcement Training course, according to a news statement dated September 15. The main goal was to increase their collective ability to thwart financial crimes including fraud and scams that involve cryptocurrency.
Emilio B. Aquino, the Chair of the Philippine SEC, explained that 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.”
Along with hosting the workshop, the Philippine SEC also signed the IOSCO Multilateral Memorandum of Understanding, which focuses on preventing crimes connected to cryptocurrency. The regulatory body is also collaborating with regional legislators to create new laws that adhere to IOSCO standards, strengthening its enforcement capabilities.
This agreement represents a big step forward in the Philippines’ attempts to properly control digital assets. The Philippines SEC delayed the publication of its regulatory framework for crypto assets earlier this year; it had been planned for late 2022. Aquino highlighted that the purpose of the postponement was to shield the public from any possible threats posed by cryptocurrency.
The central bank and local SEC of the Philippines have already advised residents against using international cryptocurrency exchanges, therefore the country’s position on cryptocurrencies remains complicated. Gemini Derivatives were categorized by the Philippine SEC in May 2023 as an illegal security instrument under domestic law.
The Philippines continues to draw interest in the cryptocurrency world despite regulatory difficulties. Over 11.6 million Filipinos hold digital assets, making it one of the economies with the highest growth rates in the world. As a result, the nation is now the tenth-largest in terms of the use of cryptocurrencies worldwide.
The Philippines’ approach to regulating cryptocurrencies and tackling related difficulties is changing as a result of the country’s ongoing cooperative efforts across regulatory organizations and institutions.