The Philippines Securities and Exchange Commission (SEC) has recently joined forces with the US SEC and the Asian Development Bank to intensify its fight against cryptocurrency fraud. This significant initiative, which aims to enhance the Philippine SEC's enforcement capabilities and knowledge base, marks a substantial advancement for the country in digital asset governance.
In their collaborative effort to protect the public from securities fraud and other investment scams, the three entities have organized an International Organization of Securities Commissions (IOSCO) Workshop and an Investigation and Enforcement Training Workshop. These educational forums are intended to augment their proficiency in dealing with crypto crime.
The Philippine SEC has further formalized this collaboration by signing the IOSCO Multilateral Memorandum of Understanding on crypto crime. This agreement signifies their joint commitment to battling illegal activities involving cryptocurrencies.
This collaboration is part of a broader strategy aimed at strengthening security measures to safeguard personal data collected from clients. The Philippine SEC has implemented stringent security protocols in accordance with the Data Privacy Act of 2012. These measures are designed to protect personal information from loss, unauthorized access, misuse, or disclosure, underscoring the agency's commitment to data security as it ramps up its battle against crypto fraud.
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