The president of the Bag and Securities Commission (SEC), Emilio Aquino, emphasized the commission’s efforts to expose scams related to cryptographic and collaborate with the means to protect PO consumers, helping the commitment of the Philippines out of the financial action task list. He mentioned this during a press conference in Makati, on February 27, 2025.
During the questions and response session of the press conference, Aquino responded to Bitpine investigation into whether the SEC notices against unauthorized and unauthorized entities and investment offers contributed to the country’s exit from the Gray list.
- He explained that he contributed, and the commission focused mainly on discovering cryptographic scams and working with media partners, describing these fraudulent schemes such as “mobile objectives” that have been addressing since he became president in 2018.
He also emphasized that the SEC is strengthening regulations on digital assets to combat financial crimes and emphasized that the SEC considers that the collaboration of the media is essential to disseminate precise information and prevent scams.
- “The only way to combat the false information of Itong MGA is to try to give the right information. That’s why we consider them boys [media] Like our partners. As the only way we can inform our Kababayan. So, that’s why we are investing a lot in our media partners. Because you are the ones who can help us spread so many [information] To avoid this [crypto-related schemes] To happen, “he said.
However, despite compliance efforts, he acknowledged that illicit operators continue to adapt and find ways to operate.
Aquino stressed that scammers who use cryptocurrencies as a front to attract victims to Ponzi schemes remain an important problem. He pointed out that many OFW and local investors are prey to these scams, thinking that they are involved in the legitimate cryptography trade.
What follows?
Looking towards the future, Aquino emphasized the need for a robust regulatory framework to address real cryptography trade and guarantee compliance with FATF requirements.
“Actually, (s) the other requirement for Fatf in 2027 where they will evaluate. Main problem of Na ‘Yang Virtual Assets Services Suppliers. Hindi Pa naman Nila Na-Iimpose, but that is exactly the reason we had already exposed the rules draft, ”said Aquino.
The SEC emphasized that it is still committed to educating the public and strengthening regulations to avoid more financial damage.
Sec on crypt
The SEC has actively warned against unauthorized cryptographic investment schemes due to the growing interest of the Filipino in the cryptocurrency.
- In particular, last year, the commission issued notices against XM and Etoro for illegally attacking Filipino investors and operating without the proper registration. Binance was also prohibited due to his inability to register in the Philippines.
- In addition, in collaboration with the National Telecommunications Commission (NTC), the SEC also ordered Internet service providers to block Octafx and Mitrade websites.
The SEC issues notices continuously warning the public about unauthorized and potentially fraudulent cryptographic investment schemes. For previous SEC advice, visit the bitpine page.
What does it mean to leave the gray list for the Filipino?
The commission emphasized that the Philippines departure from the Fatf Gray list indicated improved financial credibility, attracting more foreign investments and promoting business confidence.
Aquino stressed that the departure is expected to lead to higher direct foreign investments (FDIS), infrastructure development, employment creation and economic growth. He added that the country can also see a credit rating update, which facilitates access to global financial markets.
What is the FAFT Gray list?
The Gray list of the Financial Action Task Force (FATF) includes countries that need to improve their financing rules against money laundering and anti -terrorism. While they are not as risky as those of the blacklist, these countries face more strict financial controls and challenges to attract foreign investments.
- The countries of the gray list face stricter financial controls, which makes it difficult to attract investments and make international transactions. The countries on this list must work with Fatf to fix their weaknesses, or run the risk of being transferred to the blacklist, which brings more severe economic restrictions.
It is worth reading: In January, the Filipinas SEC published proposed rules for crypto-active services suppliers. These rules covered licenses, compliance, marketing, cybersecurity, anti-mercial manipulation and sanctions.
This article is published in Bitpins: SEC: Anti antihorabaresis of notices at poultry aid
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