PNP: Time for Tougher Crypto Laws After Major Manila Bust
After raiding another suspected scam hub in Manila, the Philippine National Police (PNP) calls for stronger cryptocurrency regulations.
What’s the significance: The recent raid and the police’s call for specific crypto regulations reveal the growing threat of crypto scams targeting international victims and emphasize the urgent need for stronger protections for both local and foreign investors.
Key details:
- On October 28, 2024, a joint raid by the National Capital Region Police Office (NCRPO), the Securities and Exchange Commission (SEC), and the Philippine Amusement and Gaming Corporation (PAGCOR) resulted in the arrest of 116 employees at a suspected crypto scam hub in Ermita, Manila.
- Employees reportedly formed romantic relationships with primarily European victims to persuade them to invest in cryptocurrency, using translation software to appear local to their targets.
The numbers: The arrested individuals include 47 Filipinos, 35 Chinese, 24 Indonesians, and 10 Malaysians.
- Most of the foreign detainees are being held at NCRPO headquarters for further investigation.
Following this, the PNP emphasized the urgent need for stronger crypto regulations in the Philippines to prevent similar scams targeting both local and foreign investors.
“Cryptocurrency is booming. So we should have another policy in terms of how to regulate cryptocurrency in the Philippines.”
Jay Guillermo, Cyber Response Unit chief P/Colonel, PNP-ACG
The Philippines has become a growing hotspot for crypto-related scams, posing risks not only to the country’s reputation but also to the public’s trust in the cryptocurrency market.
- Recently, it was reported that Former Bamban Mayor Alice Guo is under investigation for alleged ties to a global crime network involved in cryptocurrency scams, money laundering, and human trafficking, with scrutiny on her POGO (Philippine Offshore Gaming Operator) ventures potentially facilitating these activities across multiple countries.
This article is published on BitPinas: PNP: Time for Tougher Crypto Laws After Major Manila Bust
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