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

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

“We haven’t closed the door. We really just have to make sure people don’t get burned,” said Aquino.

Crypto remains a contentious issue in the Philippines, with the country’s central bank and the local SEC previously urging its citizens not to engage in any operations foreign crypto exchanges.

In May 2023, the Philippine SEC called Gemini Derivatives an unregistered security product under national law.

Despite this, the country remains an attractive destination for crypto and is still widely regarded as one of the fastest-growing economies in the world, with over 11.6 million Filipinos owning digital assets, placing it in 10th spot worldwide when it comes to crypto adoption.

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