The Philippines’ Securities and Exchange Commission (SEC) is working on a combined regulatory framework for digital assets, aiming to target those involved in malicious crypto activities.
In collaboration with the US SEC and the Asian Development Bank (ADB), the Philippine body is organizing a workshop under the banner of the International Organization of Securities Commission (IOSCO) alongside an Investigation Enforcement Training Workshop.
This training initiative is geared towards enhancing the organization’s abilities, aligning with its core objective to shield the public from financial scams, inclusive of those involving digital assets.
A recent statement from the Philippines SEC highlighted concerns like market manipulations, insider trading, off-market deceit, and cryptocurrency-related frauds. Notably, the body also played a role in the execution of the IOSCO Multilateral Memorandum of Understanding (MMOU) on August 18.
Cross-border partnerships
Emilio B. Aquino, the head of the SEC in the Philippines, expressed gratitude to the US SEC, the ADB, and other collaborators in the country. He emphasized that the expertise acquired will be instrumental in safeguarding the public from both conventional and emerging financial deceptions.
Aquino remarked, “Scammers are adapting and refining their strategies with the emergence of new technologies. Consequently, it’s imperative for the SEC to consistently enhance its investigative and enforcement measures. This ensures we maintain an edge in thwarting fraudulent activities.”
Officials from the US SEC, including Paul Gumagay, the Associate Director of Operations at the Office of International Affairs (OIA), Tom Swiers, the Branch Chief, and Glenn Gordon, the Associate Director at the Miami Regional Office, provided invaluable insights based on their experience in spearheading court cases and probing alleged violators.
Led by Aquino, the stakeholders also took the initiative to visit the Philippine legislature. During this visit, they met House Speaker Ferdinand Martin Ramualdez, expressing their backing for efforts to craft legislation that would bolster law enforcement’s authority in safeguarding investors.
Moreover, given the dynamic nature of digital assets, the participants emphasized the pivotal role of information exchange to remain vigilant and proactive, ensuring they stay ahead of malicious actors.
Philippines and global crypto regulations
Amidst global efforts to tighten regulations around digital assets, the Philippines is also making strides, though some critics argue that the government might not be fully supportive of the sector.
Historically, local regulators, including the SEC and the Central Bank, have expressed reservations. They’ve cautioned the populace against engaging in overseas cryptocurrency trading, highlighting concerns about investor protection.
The SEC further postponed the introduction of its regulatory framework for the crypto industry. Elucidating this decision, they remarked, “We haven’t closed the door. We just have to make sure people don’t get burned.”
Yet, despite the regulatory ambiguities, the Filipino populace remains undeterred in their adoption of digital assets. They are leveraging the inherent technology to address conventional challenges, positioning the Philippines as a prominent player in the web3 arena.