Philippines SEC teams up with US counterpart to combat crypto fraud

The Philippines Securities and Exchange Commission (SEC) has actually partnered with its United States counterpart, along with the Asian Advancement Bank to punish bad guys using cryptocurrencies to dedicate scams and other financial crimes.According to a Sept. 15 press release, the 3 institutions performed an International Company of Securities Commissions (IOSCO) Investigation and Enforcement Training workshop last month, in a quote to upskill their combined fraud and fraud avoidance toolkit when it came to crypto-related crimes.The Securities and Exchange Commission (SEC) Philippines collaborating with international organizations to enhance its mandate of safeguarding the public from securities fraud and other kinds of investment scams.Read more at https://t.co/TzdieiKRSp#SECupdates pic.twitter.com/3ANDH9yrwC— SEC Philippines (@SEC_Philippines) September 18, 2023

Source: SECRelated: Axie Infinitys play-to-earn plan alarms Philippine National Police Earlier this year, the Philippines SEC postponed the release of its regulatory framework for crypto assets, which was at first slated for release in late-2022. We really simply have to make sure people do not get burned,” stated Aquino.Crypto stays a controversial problem in the Philippines, with the nations main bank and the regional SEC formerly prompting its citizens not to engage in any operations foreign crypto exchanges. In May 2023, the Philippine SEC called Gemini Derivatives an unregistered security item under nationwide law.Despite this, the country remains an appealing destination for crypto and is still widely related to as one of the fastest-growing economies in the world, with over 11.6 million Filipinos owning digital properties, putting it in 10th area worldwide when it comes to crypto adoption.Magazine: NFT collapse and beast egos include in new Murakami exhibition