Philippines SEC Collaborates With International Organizations to Strengthen Crypto Enforcement Efforts
The Philippines Securities and Exchange Commission (SEC) seeks to establish a joint regulatory framework around digital assets and to crack down on bad actors who engage in illicit crypto transactions.
The body has partnered with the United States SEC and the Asian Development Bank (ADB) to host an International Organization of Securities Commission (IOSCO) Workshop and an Investigation Enforcement Training Workshop.
According to the participants, the training is billed to sharpen the skills of the organization in furtherance of its mandate to protect the public from all firms of financial fraud including those that leverage digital assets.
In a press release, the Philippines SEC cited market manipulations, off-market fraud, insider trading, and crypto scams adding that it facilitated the IOSCO Multilateral Memorandum of Understanding (MMOU) on Aug 18.
SEC head Emilio B. Aquino lauded the US SEC, the ADB, and other participating organizations in the Philippines stating that the skills learned will guide them as they protect the public from traditional and evolving financial fraud schemes.
“Scammers are becoming more advanced and sophisticated in their techniques as new technologies arise. As such, the SEC must constantly improve its investigation and enforcement capabilities to ensure that we are always one step ahead in preventing scams,” he added.
US SEC officials 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 brought their experience to the fore in instituting court cases and investigations of alleged wrongdoers.
The stakeholders led by Aquino also paid a courtesy
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