Workshop Aims to Strengthen Fraud Prevention Toolkit
The Philippines Securities and Exchange Commission (SEC) has partnered with its United States counterpart and the Asian Development Bank to combat criminal activities involving cryptocurrencies. The three institutions recently conducted an International Organization of Securities Commissions (IOSCO) Investigation and Enforcement Training workshop to enhance their capabilities in preventing fraud and scams related to digital assets.
Alliance Strengthens Oversight of Digital Assets in the Philippines
The collaboration between these organizations represents a significant step forward in regulating and monitoring digital assets in the Philippines. In addition to the workshop, the Philippine SEC signed the IOSCO Multilateral Memorandum of Understanding on crypto crime. The regulator is also working with local lawmakers to develop new laws that adhere to the standards set by IOSCO.
Delays in Regulatory Framework Release
Earlier this year, the Philippines SEC experienced delays in releasing its regulatory framework for crypto assets, originally planned for late 2022. According to Philippine SEC Chair Emilio B. Aquino, the intention behind the delay was to protect the public and ensure they do not fall victim to fraudulent schemes. Although crypto remains a contentious issue in the country, with warnings from the central bank and the local SEC, the Philippines continues to be an attractive destination for digital asset enthusiasts, ranking 10th globally in terms of crypto adoption.
