The Securities and Exchange Commission (SEC) of the Philippines, along with its counterpart in the United States and the Asian Development Bank, has initiated a cooperative endeavor to prevent the increasing prevalence of criminals using cryptocurrencies for financial crimes and fraudulent operations.

The three organizations collaborated to host an August workshop on International Organization of Securities Commissions (IOSCO) Investigation and Enforcement Training, according to a news statement dated September 15. This initiative’s main goal was to increase their combined capacity to identify and resolve cryptocurrency-related fraud and scams.

The event was a big step toward strengthening these regulatory authorities’ arsenal against crimes related to cryptocurrency. They hope to keep one step ahead of cybercriminals by exchanging knowledge, techniques, and insights.

The Philippines SEC’s Dedication to Fighting Cybercrime

The Philippines SEC not only attended the session but also took aggressive steps to reaffirm its dedication to thwarting fraud involving cryptocurrencies. The regulator reaffirmed its commitment to global cooperation in addressing this issue by signing the IOSCO Multilateral Memorandum of Understanding on Crypto Crime.

In addition, the Philippines SEC is collaborating closely with regional legislators to draft new laws that adhere to the IOSCO criteria. With the help of these new rules, the regulator will be better equipped to police the law and effectively combat crimes involving cryptocurrencies across the nation.

The Importance of Global Collaboration

The collaboration between the Asian Development Bank, the U.S. counterpart, and the Philippines SEC serves as an example of how crucial international cooperation is in combating the growing number of crimes associated with cryptocurrencies. The global reach of cryptocurrencies is often used by criminals, thus cooperation among regulatory agencies is crucial to safeguarding investors and preserving the integrity of the financial system.

Around the world, regulatory agencies are intensifying their efforts to adjust and counteract unlawful activity in the digital sphere as the Bitcoin ecosystem keeps growing and changing. Partnerships such as the IOSCO workshop show how to be proactive in staying ahead of the curve and guaranteeing the security and safety of the financial ecosystem.