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Philippines SEC Collaborates with US Counterpart and Asian Development Bank to Combat Crypto Fraud

The Philippines SEC, in collaboration with the US SEC and the Asian Development Bank, is enhancing its capabilities to combat crypto-related fraud and scams. This includes workshops and the development of a regulatory framework for digital assets.

The Philippines Securities and Exchange Commission (SEC) has partnered with its US counterpart and the Asian Development Bank in an effort to combat criminals using cryptocurrencies for fraudulent activities.

IOSCO Workshop Aims to Enhance Crypto Crime Prevention Toolkit

The three institutions recently conducted an International Organization of Securities Commissions (IOSCO) Investigation and Enforcement Training workshop to strengthen their capabilities in investigating crypto-related crimes, such as fraud and scams.

In addition to the workshop, the Philippine SEC signed the IOSCO Multilateral Memorandum of Understanding on crypto crime and is working with local lawmakers to develop new legislation aligned with international standards for crypto asset oversight.